Demand for our area remains high, and it’s having a positive effect on prices.
While home prices and mortgage rates are rising so are monthly rents. Annual rent growth was more than 3X that of a year earlier. Todd Teta, chief Product Officer at ATTOM Data, says: “…Home Ownership still remains the more affordable option for average workers in a majority of the country because it still takes up a smaller portion of their pay.”
Despite rising prices, homes continue to move fast!
As stated previously in my Market Reports, waiting is going to cost you. With the rates rising slowly over the next year, you are looking at approximately an $118 increase in your mortgage by waiting till this time next year to buy. Even with the rates rising, that is not slowing down the multiple offer competition. There are still plenty of buyers ready to buy and not enough inventory on the market.
Buyers are searching now, and we expect competition to stick around.
Across the nation we are still experiencing a shortage. We dropped 14% in inventory as a nation from this time last year. Unsold inventory sits at 1.8 months supply. Inventory hasn’t been this low since 1999. SELLERS….you have the upper hand but I will still say BUYERS are the ones setting the price point. Offers that are over asking, waiving/gapping the appraisal and being flexible with closing dates are the ones winning the offer in most cases
Real Estate Market Highlights: Sumner Co. January
|Single-Family Home Stats||2021 YTD||2022 YTD||2021 vs. 2022||Analysis(month2month)|
|Average Sales Price||$373K||$469K||25.7%||Record breaking increase in home prices.|
|New Listings||459||301||↓-34.4%||Lowest in home Inventory since 1999|
|Price Per Sq. Foot||$157||$202||28.7 %||Really hard to build a home or less than $200 a sq.foot due labor shortage and supply cost increase|
SimpliHOM Realty OFFICE: 855-856-9466
Website: AmberCarlson.Com Lic#306652