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Some things are down and some things are up this month. The inventory continues to be down over last year which is a good thing. Sales were down only slightly over last year. This is amazing because, as you will recall, much of the activity in November last year was fueled by the $8000 tax credit. It was extended at the last minute but many contracts were written last October with a November 30th deadline in mind. Our average days on the market are also down. This is an indicator that things are getting better.
The big news is that interest rates are starting to go up. The quote I saw today was 4.875. That is a full point over a month ago. On the maximum conforming loan of $417,000 that increases the monthly payment by $246 per month. Ouch! We still have the mortgage interest tax deduction in place so Uncle Sam will pick up about $81 of the increase.
In spite of the ups and downs this year, we were able to sell over 50 homes. Thank you to all who worked with us this year or sent your friends or neighbors to us. I truly appreciate your confidence in us and your loyalty. Have a great holiday season and all the best in 2011.