At the Dana Green Team, we pride ourselves on being big-picture thinkers. The twists and turns of the stock market have us almost in “Bear market” territory, which is defined as a downturn of more than 20% from the market high. Combined with rising mortgage interest rates that have nearly doubled since the start of the year, we are starting to see fear enter the real estate market. A natural reaction is to stop dead in your tracks when this happens. However, we need to switch our mindsets. It is not a bad market, just the start of a different cycle. As your Realtors, we work to take emotion out of decision-making by concentrating on data.

We have had an incredibly long and dramatic real estate cycle, with prices up by approximately 167% in Lafayette from the start of the upturn in 2012 through this week. If you go one step further and break this down before the pandemic struck, to Q1 2022, the median house price in Lafayette has gone up 47.6%! This is incredible growth. The record-high prices obtained for some houses may have passed, but today's prices are still incredible.

 Mortgage rates as of Friday, May 20, are running in this range: 

• 30 Year conforming: Low to mid 5’s
• 30 Year jumbo arm: Low 4’s
• 30 Year jumbo fixed: High 4’s

Concentrate on the facts and your specific needs and goals, as hard as it is with varying news stories and dinner-table talk. We have been through all types of markets and have the knowledge to advise you beautifully! Our tip for the week is as follows:

Sellers, celebrate the gains of the past 10 years, and don’t worry that each sale is no longer setting the new high price. You are still doing extremely well, and it may also be your turn to become a Buyer.

Buyers, enjoy less competition, choose wisely, buy now to lock in your interest rate, and start enjoying this magical community.

Dana & Team