January 27 2023 interest rates

 According to https://www.mortgagenewsdaily.com/news/01192023-big-llpa-changes, the interest rate currently is around 6.2%   This rate is for the "optimum" candidate, as interest rates will vary depending on the borrower's credit, income, type of job, etc.  

The interest rates have been much more "stable" lately than in 2022, although we have ahead of us possible rate hikes and other economic factors to move through before the ideas of lower interest rates ahead...  https://www.mortgagenewsdaily.com/markets/mortgage-rates-01272023  

Originally, we were told locally (in Ukiah, Willits, Mendocino County and Western Lake County) that the interest rates should come down a bit by summer 2023, but right now that remains to be seen!

Mendohomes.com update from Karena Jolley

 We have several really great properties for sale right now, which can be seen at www.MendoHomes.com and range from lots and acreage land, land with improvements, homes on residential lots, upgraded homes, to homes on land.   

We saw our first bit of rain recently, and everyone that I know of is looking forward to more rain soon hopefully!  I don't see more rain in the forecast yet...

Open Houses again

Here we go again! Open Houses are finally allowed again, with a few extra steps.  Do they work? Yes and no.  Downtown they may have more effectiveness to bring in hesitant buyers who have been window shopping but have not wanted to start working with an agent. However,  there will always be the perennial open-house viewers who are not buyers but just wanting to look. Rural homes are the trickiest, since that is asking the buyer to travel a ways just to look at a home! I have done them in Brooktrails in the past, and if I got just one or two real buyers to come look, it was a success!

We were lucky with our 1st open house for 2021 to have 7 different groups/peoples come through,  considering the home was a few minutes out of town. 

I will update as I do more open houses in 2021!

Mortgage Applications

Mortgage applications dropped by the end of May 2021, so we shall see what impact this means soon.  Here is the article I was reading: https://www.housingwire.com/articles/fewer-people-are-submitting-mortgage-applications/

Basically,  less buyers were wanting to jump into the market. Is it the high prices? Cost of construction and materials? Or because many were vacationing for the 1st time in a long, long time?  I do know several buyers who backed off and stopped looking for now due to rising prices and also being beaten out on one home after another.  But I also see a lot of people enjoying vacations right now, too.

Only time will tell...