Mortgages, Real Estate, and Elections

Why has the market slowed down this fall?  The most obvious answer is that we often see a lull before elections, as people wait for a sign about the future of whatever district is voting that year.  We are seeing it now in Connecticut, where there is a heated battle for governor, with some real philosophical differences between the two candidates, about how to spur growth and recovery in our State. 


Another side effect of looming elections, however, is a good one for consumers, and we are also seeing that.  Mortgage rates tend to hit their lowest point in a year right before elections occur (surprise, surprise, if politicians have anything to do with it!), and that is true now.  Mortgage rates are currently at their lowest level since June of 2013, and it would be a very good idea for buyers to pay attention to that fact.  They almost always rise after elections, so there is a window here of a few weeks, when buyers may be able to qualify for rates that they won't see again.  If legislators are trying to put you in a good mood before you vote, why not take advantage of that fact, and get yourself a good mortgage while you're at it? And, since the market is in limbo waiting to see what happens, you can buy at a favorable price at the same time!

Good News All Around

We just finished our annual meeting at the New Haven Country Club. It's a beautiful day, and it was a great time to reflect on the past year and celebrate the recovering market! We sign many signs that real estate sales are improving; in fact, our first quarter numbers show a 34% increase in sales throughout our region, and a 15% increase in listings. We are proud to say that we made money last year, although we are looking forward to having it be a little easier this year. Consumers seem to be coming out of hibernation, and activity is definitely up.

Awards were given to our 20-year associates, and to our Chairman's Circle of top producers. Even in a challenging environment, the best agents always find a way to be successful, and we honored their accomplishments. Longevity is also important to us as a company, since we are a family business in its second generation.

We reviewed the many tools that our company has for marketing and sales. We have a first-class website, and are endeavoring to improve individual web pages. Realtor.com is a great resource, and we pay for enhanced service, so we emphasized those advantages, along with real estate tours (now uploaded to YouTube as well). Our agents also have access to a wonderful listing presentation service called Toolkit, as well as Xpress Docs, an online provider of marketing materials.

By focusing on these basic offerings, we have enhanced the service we provide for our clients. We are well-positioned to catch the recovery wave!