Current Market Report
(Click on the graphic to the right and enter a
zip code. You will need to subscribe or call Frank)
October 2022
It
seems like every time we look at the news, we are getting another update on
inflation, and more importantly interest rates. As summer started, mortgage rates were just
slightly over 5%, but are now climbing toward or above 7%. This is the highest
rates have been since early 2002.
Why
does all of this matter? Well, that
change in rate is putting some potential buyers out of the market, and could
cost them $231,000 or more in additional interest on a $600,000 home. More importantly, their monthly payment has
changed from $2684 per month to $3327 over the same period of time on that
$600,000 home. That’s an additional $643 per month!
As
your trusted real estate advisor, I simply wanted to give you some context on
what’s happening in our local market. Unfortunately,
rates are expected to continue to climb through October, which will affect the
housing market. However, you may be
surprised to know that homes are still moving fairly quickly IF they are priced
properly, and selling for 100.1% of asking price.
I
can’t say the current market is the perfect time for everyone to purchase a
home, but what I can say, is there are still opportunities out there.
If
you’re considering making a move in the next 12-18 months, we should talk as
soon as possible to create a plan. There
are a lot of factors to be considered, and I want to make sure we explore all
factors in detail and take the best course of action for your long-term goals.
