Milton Real Estate Market Update - September 2024
In this video, we break down the latest updates in the Milton real estate market for September 2024. With average home prices dropping to $1,021,471-a 4% decline from August-Milton is seeing a cooling trend that opens up new opportunities for buyers. Sellers, on the other hand, need to focus on strategic pricing to stay competitive.
Milton recorded 127 home sales in September, a 3% decrease from the previous month, indicating a softening in demand. However, the main issue appears to be price misalignment rather than a lack of buyer interest. Inventory levels increased to 486 listings, giving buyers more options in the current market.
We also discuss the latest mortgage rule changes, which could influence Milton’s market trajectory:
Lower Down Payments: New rules allow purchases under $1.5 million with a smaller down payment, increasing buyer affordability.
Extended 30-Year Amortization: First-time buyers and new-build properties now benefit from a longer mortgage term, reducing monthly payments.
No Stress Test for Renewals: Homeowners with 20% equity or more can switch lenders without a stress test, offering flexibility for better rates.
Financing for Accessory Dwelling Units: New options for financing ADU projects like basement and garage conversions, expanding rental opportunities.
Whether you’re buying, selling, or just staying informed, these changes could open new doors.
Want to learn more? Contact us for a confidential consultation!
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16 окт 2024
