The average rate on the popular 30-year fixed mortgage hit 2.97%, according to Mortgage News Daily, as the stock market sold off and investors rushed to the relative safety of the bond market at the end of last week. While this alone is good news, unfortunately the market sell-off is being fueled by new concerns that there may be a second wave of the coronavirus.
Buyers are looking to be settled in the suburbs this fall, and the increasing buyer activity has led to multiple offers on most homes in our area. Inventory is still quite low, with roughly 38 single family homes available in South Orange and the same in Maplewood. This is still well below where we were last year at this time.
I would love to talk with you more about how my buyers and sellers are achieving success during this crazy market! Please ping me back if you'd like to discuss further and/or to set up an appointment via Zoom or in-person at socially acceptable distance!
Amy Paternite Homes
Coldwell Banker Maplewood
NJAR® Circle of Excellence Sales Award 2009-19
Top 5% Coldwell Banker Teams Worldwide
917.442.5130 cell |973.378.2284 office
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