Ridgefield resident and realtor Karla Murtaugh's unparalleled industry knowledge is a gift to our town. Karla walks the walk and talks the talk; volunteering for a plethora of local nonprofits and supporting them by way of sponsorship and leadership. Here, we sit down with Karla for our “Murtaugh Minute” and get an inside look at what the real estate market looks like in and around Ridgefield.
Q: What is one of the misconceptions you’re hearing a lot?
A: A lot of people think interest rates are prohibitively high. But we’ve seen a slight reduction and they aren’t where they were a year ago. Not only that, a lot of lenders are coming out with very good programs to help buyers optimize during the mortgage process. They’re really thinking outside the box, which is terrific for buyers. If you refer to national statistics, those are showing that things are going in a positive direction. As Compass CEO Robert Reffkin discussed recently on CNBC, there was a 25% increase in weekly mortgage applications three weeks ago, and an additional 7% increase last week. Mortgage rates continue to move down to 4-month lows.
Q: Will we see a traditional spring market this year?
A: This will be the closest we’ve had to a traditional spring market since 2019. We certainly didn’t have that in 2021 or 2022. An old wives tale in our business says it starts right after Super Bowl but that’s not necessarily true. It usually begins in late February or early March when you’ll see more homes come up for sale, which should stay consistent until the summer. So if you’re thinking of listing, there’s definitely still time. What’s in our favor is the mild winter. It’s easier to navigate the town and show properties without snow on the ground! It’s also easier for people to get here from other towns too if they’re considering a move into our area.
Q: Some people want to take advantage of the spring market and sell their home now, but how do they do that if they haven’t found a place to buy yet?
A: Compass has an extraordinary network of agents throughout the country who can help facilitate and give you insight into other areas of the country you may be considering. More importantly, there are a lot of things we can do to support you through the process. The time is now to get your home on the market. There are many ways to structure your sale that will allow you to get the exposure you need for your home but also give you breathing room to find what’s next. We love working with families and completely understand the need to work around school calendars if you want your kids to be able to finish out the school year in their current community. We can be very flexible and find a solution that works for your family.
Head to our website to check out our market reports: https://karlamurtaugh.com/real-estate-blog/