High Inflation Plus Higher Mortgage Rates Equals Cooling Market

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Fall is here and so are falling prices in the real estate market.  The high inflation and increasing mortgage rates are definitely slowing down the market.

The bad news is that houses are taking longer to sell and we are seeing some price reductions in the market as well. 

The good news is that we still don't have a lot of inventory, so if you list your house, it is still likely to sell in the first couple of weeks if it is marketed well and if it is priced fairly.

The great news is that homebuyers don’t have to walk into the absolute feeding frenzy that we had last year.  Homes are no longer getting 10 offers in the first couple of days with half of those well over the asking price.  The real estate market is settling down and finding a reasonable balance again.

Bill Sauneuf

John L. Scott Real Estate / Yelm



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