Every Penny Matters.

Hey, it’s been awhile. At one point in time I was using this space to keep everyone updated on the latest happenings on a monthly, sometimes weekly basis. But then; pandemic, crazy markets, yada yada and it fell by the wayside. Well, with a market that is starting its first true shift in years I thought it was important to get back on the horse as they say.

So, I’m sure you’re wondering, where are we right now? Well things have definitely started to shift. Rates jumped from what we have come to expect the last few years (3-4.5%) all the way up to 6% in June. This on the back of the Fed raising their rates to combat inflation. Now, mortgages tend to build Fed rate hikes well in advance so it’s not always a 1:1 Fed raises rate = mortgage rates go up but a rise in rates was always going to happen. It just happened in a lot faster window than we expected.

How is that changing the market you ask? Great question. Well, some buyers have left as you can imagine since $400k at 3.5% is significantly different than $400k at 5.5%. But many have stayed. Once you make that decision to buy a home its hard to turn backwards. Median sale prices dipped in July but are still very strong overall. There is plenty of demand but we’re seeing much less “multiple offers, H&B” than we were in, say, March. And that’s a good thing! That market wasn’t good for anyone unless you were selling and then renting and not buying something else. If that was you, you were running straight to the bank!

July 2022 Median Sale Price

Where do we see it going over the next few months you ask? Another excellent question. None of us have a crystal ball but if you read the news at all today you may have seen the rate environment is as good as its been in months with some rates below 5%! This will help affordability as we head into fall and will most likely keep prices strong. If you were hoping for that price and rate crash, I’m sorry to say it seems very unlikely to come. Other side of the coin though, if you were on the fence over the summer because of the high rates (which is understandable to say the least), now might be your best window for the foreseeable future. Directly from my lender about the current rates: “For every $100k in loan amount, this is a difference of about $54 a month better. It’s a big difference compared to where we were!”

Every penny matters.

Questions? No problem! I’m always reachable and willing to answer anything you might come up with so reach out, lets chat.

Talk soon.