SoldbyComeau

Current mortgage rates sitting around 6.7%, up 2% since last year.

They will continue to increase with the ongoing battle with inflation.

Time in the market > timing the market

Just closed!

Congratulations to my buyers, after a 10 month search we we're finally able to get them into the ONE they'll call home!

Thanks to my support team at Next Level and my mentor for being readily available to answer questions and giving me the confidence in my knowledge to execute this transaction!

Special thanks to Cohen Closing and Title for hosting and making the closing a breeze!

Did you know that Housing accounts for 33% of CPI Data calculations?

Today, the Bureau of Labor Statistics (BLS) released their report for 2022 and showed that while the CPI fell 0.1% in December, the year over year CPI increased 6.5%.

The current 30-year mortgage rate sits around 6.5%, after peaking in late October at 7.5%.

While economists predicted we would see a neutral market (6 months supply of inventory) by December, November's numbers did not seem promising with only 3.5 months of inventory on the market.

Housing affordability has dropped significantly across the US, now requiring around 27.4% of household income to purchase a median priced single family home.

Interpretation:

Housing prices follow a cyclical pattern (as do most markets) peaking in the summer months and troughing in the winter, so lower supply in the winter is to be expected. The 6.5% decrease in purchasing power in combination with other factors have caused affordability to drop 10% over the past year. A 6.5% mortgage rate is far greater than the 3.5% we saw in January, and a median priced single family home now costs approximately $650 per month, or $200,000 in total, more than a year ago.

What a way to start the new year!

Major user interface updates have been made to my Home Purchase Calculator!

Check it out! -> markcomeauu.github.io/HPC

Quick market update as things continue to develop into the end of the third quarter of 2022:

Home prices fell for the first time in 32 months.

July saw the fastest single month decline in prices in nearly 40 years.

July, alongside the summer of 2006 and the past three months, were among 10 of the least-affordable months in the past 30 years.

Inventory remains low but is increasing and is expected to reach 6 month inventory threshold (neutral market) in December.

FFR is expected to continue to increase in order to reduce inflation, 30-year rates are currently sitting around 6%.

How are you feeling about our current situation? Leave a comment below!

Read the full Black Knight Research article release here:
https://www.blackknightinc.com/black-knights-aug-2022-originations-market-monitor/?&

Never Forget

While mortgage rates have remained relatively stagnant in the past three months, the overall market has gotten a little bit better for buyers. No longer are properties being bought up in a matter of days and the time on the market has gained 5 days on average. Sales of single family residences have come down from 104% of list price to 102%, showing more reasonable pricing and less contention as summer comes to an end.

It appears that some have shifted their focus from looking at 3 bedroom properties to 2 bedroom properties. The average sale of a 2 bedroom has increased by $15,000 over the past 3 months, while at the same time a 3 bedroom has decreased by the same amount.

If you or someone you know has been thinking of buying or selling, I'd love to help them out! Private message, call, email, or even comment to get the conversation started!

There's a lot more that goes into each transaction than just purchase price!

To help visualize and better prepare you for your next home purchase, I've created a calculator that lays out the commonly overlooked costs associated with a home purchase!

Take a look at the link below and reach out if you have any questions!
https://markcomeauu.github.io/HPC/

🚨HOUSING UPDATE🚨

Single family residences and condos have continued to soar as hot as the summer weather. As such, the affordability index has hit an all time low of 70%, putting an even greater strain on those trying to secure their next home. Even with the explosion of new homes on the market and homes no longer seeing 25-30 offers, they are averaging two weeks on the market before going under contract!

If you’ve been thinking of buying and have been waiting for a “crash”, pm me today! I’d love to discuss our current situation and be a guide in this crazy market!

Great video on current economic problems, including housing, estate taxes, wealth transfer, and much more!

Highly recommend watching!

https://youtu.be/PkJlTKUaF3Q

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