The crazy hot real estate market seems to be fading away, finally. Whether it be from inflation, gas prices, or the flat-out effort by the Federal Reserve to slow down the nation’s real estate …
The crazy hot real estate market seems to be fading away, finally. Whether it be from inflation, gas prices, or the flat-out effort by the Federal Reserve to slow down the nation’s real estate markets by raising interest rates, the result is becoming clear. Inventory is slowly returning to the market both here and across the state.
We still have an overall shortage of housing inventory to sell, just not as bad of a shortage. Homebuyers will not automatically face several other offers on the few houses out there. Listings will not necessarily sell in the first few days to a week on the market. This has certainly been true in both Pierce and Thurston counties over the last month or so.
Home prices have continued to rise, with solid demand from homebuyers. As we’re shifting away from the pandemic, more traditional open houses have been returning to the market as well, often with good turnouts.
Inflation has certainly been a big concern for people this year. Unfortunately, the rising mortgage interest rates, increased home prices, and inflation have resulted in less buying power for most people than they had a year ago. Still, one of the best things people can do to protect themselves from inflation is to own a home with a fixed-rate mortgage. While some other costs may go up around you, the price of most people’s largest expense — the home they live in — won’t be one of them with that fixed-rate mortgage.
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