2022 the interest rate story
The 2022 interest rate story has been a tough one for buyer to understand. Rates more than doubled in the course of the year. Buyer’s in some cases have lost 30% of their buying power.
Smart Stuff
2022 Year End numbers
What has happened over the past year? Rather than fill you with filtered views and broad predictions, I have given you the spread sheets that I create for the brokers in my office and my clients. I hope you find your answers here.
A Normal Market
Sellers have to realize that the competition for buyers is brutal as shown by the huge increase in months of inventory and days on the market. Also, home prices have settled. The seller’s list price is critical. Buyers are looking at the new listings and those that sit will do just that until there is a significant adjustment in price.
What is a 2/1 temporary Buydown
As we see mortgage interest rates increase so quickly, the buyer pool in every price range moves down the ladder. Keep in mind that an interest rate increase of 1% reduces the buyer’s buying power by 10%. This means that a borrower that could comfortably afford a $1M property before the increase, can now only …
2021 Year End Statistics for Seattle’s Eastside
2021, what a year! Tom Perry Realty Executives Brio – January 2022 All data from Northwest Multiple Listing Service. We will remember 2021 for the continued effect of the covid virus, shortage of goods in the stores because of shipping and transportation issues, the highest inflation numbers in many years, automotive shortage because of computer …
2020 Year End Statistics
Take a look at home value appreciation across the country and our neck of the woods. Nationally: Home prices rose a nearly 8% according to several reports. Contributing to this were several hot pockets both urban and rural. Prices rose 10% and higher in these smaller metropolitan markets: Indianapolis, Kansas City, Boise, Austin, Cleveland, …
Who is Today’s Millennial Home Buyer?
Summary of an Article from Realtor.com . Millennials, the largest generation in U.S. history Millennials are the largest generation in U.S. history, surpassing Baby Boomers. They were born between 1981 and 1997. For the last 5 years, they have been the dominant buying force in the market. This survey was conducted in June 2020 of 2,000 …