I am happy to report that the home in my previous blog is now in attorney review the prelude to going into contract. Speaking of going into contract, based on Garden State statistics there are still several price reductions in this market area, but when it comes to offers to purchase, several homes are being offered higher prices than the asking price. These higher than asking prices are not necessarily after the new price reduction. That is why this is called a crazy market by many real estate agents. On another note, I have only had one prospective buyer who had qualified for a certain mortgage amount not too long ago, now is not qualified for the same mortgage amount due to the increase in interest rates. It hasn’t seemed to quash the overall buyer frenzy for purchasing a home however, as showings and attendancce at open houses has not abated, or if it has, not by much.