Dewey Market Watch 8/3/22 thru 9/27/22

     The 2022 summer season has come to an end and autumn is upon us. The market remains stable in the Dewey and surrounding communities. Properties are still selling but the madness is over. The “days on the market” is longer. Home inspections are returning and the 15+ contracts on a listing is no longer although occasionally there’s still multiple offers on an exciting property. The increasing interest rates are to blame. You might want to sit down for this! The interest on a 30 year primary home is 7 1/8%. You can pay two points to get it down to 6 1/2%. The interest on a 2nd home is 7 1/8 and two points. Jumbo rates for a primary home with a minimum of $741K borrowing amount is 7 1/2%. Jumbo rates for a 2nd home is 7.625%. That’ll slow the market but not stop it. Rental incomes have been off the charts and still are attractive to savvy investors. Surely the market is in for a change. 

     I have two new exciting listings that are very unique. The 1st listing is a three season 2bd/1ba in the ocean block of Collins. The unit has been tastefully upgraded. The seller is offering to hold the note for 4%, amortized over 30 years with a balloon in 10 years. That’s an unbelievable savings. Please click on the link below for more info! My 2nd listing is 104 Dover Rd. #2. This 4bd/2ba, 1,800 sq’ is half of a duplex. The feature of this property is that you own the land unlike the common areas usually associated with a townhome. There is no HOA or HOA fees. The flood insurance is $2,250 per year and each owner maintains their own home. Please click on the link below for more info.

     Inventory remains low for single family homes. Presently there’s only three fee simple homes and one home on leased land. There’s one single family home in Ann Acres and one in Poynters Addition. The condo inventory has increased to six active listings and there’s one quarterly fractional share in the Surf Club. That rounds out the inventory. I expect the inventory to increase in the months ahead, we’ll see!! Everyone have a safe and enjoyable autumn season:):)