Everyone predicted a housing disaster, a market crash over the last few months. When interest rates went from 3% up to almost 7% in a matter of days and it sent shock waves through the market. The real estate market ground to a halt.
Over the last few months, we have seen:
New listings were still hitting the market at a high rate.
Gas prices are on the rise.
Food prices were on the rise.
Inflation was out of control.
And the housing market was predicted to just completely burst and crash.
But what’s really happening right now? After talking to a mortgage broker with Seafirst Financial, Miles Barnes, he reported that if you have 20% down, some borrowers can get a 4.75% mortgage rate.
As mentioned before, inventory has been on the rise for the last few months. It is up 423% last month and that trend is continuing. We are seeing more and more new listings in the marketplace. This is great for folks wanting selection and a buying situation with less pressure.
Lots of selection plus decreasing interest rates are going to make the real estate market really interesting. Buyers are now able to negotiate a few concessions and get into the home that they really want.
What we’ve seen so far this July is not a disaster, it is actually the opposite.
We’re seeing a rebound on that temporary dip. The Nick McLean Real Estate Group has seen an increase in pending sales in the last week, at a greater rate than Nick was seeing earlier in the year, even when the inventory was really low. Nick’s team is seeing more sales happen right now than we saw in the first quarter of 2022.
You have a choice to make. Do you sit on the sidelines hoping for a crash? Do you think your life is going to improve if it actually crashes or do you make a choice to make a change and take a look at the selection that is on the market?
If you’re interested in knowing what homes are coming on the market, go to our website NickMcLeanRealEstateGroup.com or get in touch with one of Nick’s Expert buyer agents by calling 509-255-8070.
Nick McLean Real Estate Group