Milton Real Estate Market Update - September 2024
The Milton real estate market is undergoing notable changes along with some new mortgage rules might influence its trajectory.
The Average Home Price in Milton dropped to $1,021,471 which represents a 4% decline from August.
This cooling trend opens up more opportunities for buyers. For sellers, strategic pricing along with flawless execution is becoming essential to stay competitive.
Expanding Inventory Amid Pricing Challenges
Milton saw 127 home sales in September, reflecting a slight 3% decrease from August. This indicates a softening in demand, consistent with broader market adjustments. However, our experience with buyers shows that while they are motivated to purchase, some sellers' pricing expectations are not aligning with current market conditions. The issue appears to be more about a mismatch in price expectations rather than a lack of buyer activity.
Inventory levels rose to 486 listings in September, up 9% from August, This increase suggests a growing supply of homes, giving buyers more choices in the current market environment.
New Mortgage Rules Boost Market Activity
With the new mortgage rules that were announced this month, they could provide a boost and influence market activity in the coming months:Especially for homes south of 1.5 Million, as they are now allowing you to purchase with less of a downpayment. This change will provide buyers more purchasing power as they can buy with less down.
They have also Extended 30-Year Amortization:
For first-time buyers and new-build properties, the maximum mortgage term is now 30 years (up from 25), which reduces monthly payments and enhances affordability, despite increasing long-term interest costs.
Financing Options Open New Opportunities
They are also no longer doing the Stress Test for mortgage Renewals. Homeowners with 20% equity or more can now switch lenders without passing the stress test during renewals. This offers flexibility to secure better rates without feeling restricted at their current lender.
Lastly they also introduced mortgage financing for the addition of accessory dwelling units, for projects like converting basements or garages into rental units, provided they meet certain conditions.
These updates could present more opportunities for both buyers and sellers, potentially driving activity as the market adapts.
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Whether you’re looking to buy, sell, or simply stay informed, these changes are important to understand. If you want to dive deeper, connect with us below for a confidential conversation.