Henri Gourd 914-954-3897 henrigourd@bhhsne.com SO, HOW'S THE H C MARKET? Comparing April of this year to the same. month last year in New London County, the number of new homes to come to market fell by 50% and the homes that were for sale stayed on the market twice as long. Intuitively one would expect that with fewer homes available to purchase, they would be gobbled up faster, not linger on the market longer. This is especially true when you consider that the recent sales tended to be lower priced homes. I believe this is largely due to the influence of relatively higher interest rates we are seeing today. Typically, the less one spends on a home, the more likely they are going to need a mortgage. With 30 year fixed rate loans offered at over 7% the sticker shock kept many would-be buyers from purchasing their first home. It also kept existing homeowners from offering their home for sale when they may currently be paying a mortgage at half the rate. BERKSHIRE HATHAWAY Home Services New England Properties My contacts in the mortgage industry tell me that with the uncertainty over the debt ceiling largely resolved, we can expect to see mortgage rates slide down to the low-to-mid 6% range, more in line with what we have seen recently. This will give buyers more borrowing power and may accelerate sellers bringing their home to market. Selling it all, from cottages to castles! Henri Gourd 914-954-3897 henrigourd@bhhsne.com SO , HOW'S THE H C MARKET ? Comparing April of this year to the same . month last year in New London County , the number of new homes to come to market fell by 50 % and the homes that were for sale stayed on the market twice as long . Intuitively one would expect that with fewer homes available to purchase , they would be gobbled up faster , not linger on the market longer . This is especially true when you consider that the recent sales tended to be lower priced homes . I believe this is largely due to the influence of relatively higher interest rates we are seeing today . Typically , the less one spends on a home , the more likely they are going to need a mortgage . With 30 year fixed rate loans offered at over 7 % the sticker shock kept many would - be buyers from purchasing their first home . It also kept existing homeowners from offering their home for sale when they may currently be paying a mortgage at half the rate . BERKSHIRE HATHAWAY Home Services New England Properties My contacts in the mortgage industry tell me that with the uncertainty over the debt ceiling largely resolved , we can expect to see mortgage rates slide down to the low - to - mid 6 % range , more in line with what we have seen recently . This will give buyers more borrowing power and may accelerate sellers bringing their home to market . Selling it all , from cottages to castles !