Bright Side of the Market
According to the media, in respect to housing, it may sound like the sky is falling. And if you didn’t buy or sell this past spring, you somehow have missed the market. We can tell you that is NOT the case and there are more bright spots in the market than dark.
There is more inventory on the market which is definitely good news for buyers. But it is actually good news for sellers too. We lost a lot of buyer activity due to the lack of inventory. With more homes coming to the market, we expect more buyers to re-enter which will keep prices stable.
Median sales price in the 7-county metro area for 2022 peaked in June at $381k. Keep in mind that in July 2021 the median price was $350k and in 2019 it was $290k. The media will have you think prices are softening, but the data shows prices are holding and even increasing.
Condo market is coming back as buyers gravitate toward active lifestyles with less home maintenance.
Rising interest rates have been all over the news, however, we are starting to see some stabilizing. Conforming loans are hovering in the 5%’s and jumbo loans are at 4.5%. This is still below the 6.5-7% we saw in the hot market in 2005-2006.
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