📢 MARKET UPDATE - JUNE 2022 🚨

[Aaron Morrow]

👉It's no secret that interest rates and inflation are on the rise. While this may not be welcome news, it is likely to bring some normalcy to the housing market.

👉With a slight increase in inventory, and some homes spending more than a week on the market, those who can buy are finding less competition. This is giving buyers the ability to consider financing and causing sellers to be slightly more flexible with inspection contingencies.

👉Despite the rising rates, home prices have yet to be affected. In King County, the median sales price is $880,000 - an increase of 28% since January. Lawrence Yun, Chief Economist at the National Association of REALTORS, says that a price decrease is "unlikely", but he does expect a decline in housing demand.

👉The Federal Reserve is anticipated to again hike it's baseline interest rate. If you are serious about buying a home, it will be important to get pre-approved and secure a home now to avoid a loss in buying power or higher mortgage payment.

👉Something for potential buyers to consider is that homeowners have a leg up against rising inflation. Those with a fixed rate mortgage won't see their payments rise with other costs. Rent payments likely will.