I was blessed enough to spend time with family and friends, and I hope you did the same.
Thank you for checking this out- please reach out if you have any specific questions!
Pat's Update
The last two weeks saw somewhat of a listing slowdown as we neared the Thanksgiving Holiday. As the holiday passed, we saw a slight uptick in listings and inventory.
Inventory is still low, and it's still a strong seller's market. However, low rates and less multiple offer than we saw in the last 6 months mean it's a great time for buyers, as well.
Price per square foot has decreased slightly through November. A significant decline from it's peak in March. The market has cooled slightly, mostly due to typical Northeast Ohio market seasonality.
Interest Rates
The emergence of the Omicron variant has sent markets tumbling and decreased the likelihood of a base rate rise in December. Expected December base rate hike likely delayed. With that in mind, the average interest rate on a 30-year fixed-rate mortgage dropped one basis point to 2.952% APR. The average rate on a 15-year fixed-rate mortgage fell one basis point to 2.267% APR.
My New Listing of the Week
5605 Janet Blvd, Solon OH
Please take a look at my new gorgeous listing in Solon which just hit the market. I'll be hosting open houses all weekend, so please stop by, or share with anyone looking. A stunning 3 bedroom in a great location in an excellent school district.
