This Month's Market

Looking Back @ Sept 2022

As we can see, the market broadly is on a downturn and it's not likely to improve. Over the last quarter, home listings have declined a total of 31% across the state. Some of this can be blamed on the holiday season around the corner but is more likely a reaction to interest rate increases across the board putting pressure on buyers. The bad news is that it'll keep going until fuel prices can get under control. Recently, I made a series of clips to highlight the changes it makes to the bottom line for buyers/sellers and what is likely to come. My gut is telling me buyers are done with the rest of the year for the most part and sellers/agents may want to pounce on any and all that come by. For buyers: this may be the last time in at least a year where you can secure a home for less than double-digit interest rates. If your thought is to wait it out for a discount on the price, keep in mind that home prices lag and aren't directly proportional to the interest rates at hand. The cost of the sticker price discount of about 10% is 12.5% more per month in payments, equaling about 30% more over the lifetime of your loan once interest hits 10% or more. In more digestible terms, your 10% discount on a $300,000 home is worth paying $300/mo or $110,000 more over the term of your mortgage. For sellers, this is the last time your home will be worth as much as it is for the next couple of years. Overall, you're still likely up 30ish% on your initial purchase but its likely worthwhile to take a second, serious look at upsizing or downsizing before your equity gets kneecapped by market conditions.

Links to the referenced Videos:

Inflation is a runaway truck: Instagram Reel  Facebook Reel

Sticker discount hurting monthly pmt: Instagram Reel  Facebook Reel