Don’t Sell Before You See This Market Update

The first half of the year is behind us, and many changes have already happened to the real estate market. Today we'll cover the June 2022 housing market and explain what it means to buyers and sellers. 

We currently have 369 homes on the Bonneville County market, while we had 115 homes at the end of June last year. If you're a buyer, you now have a few more choices. However, if you're a seller, you will have more competition. The pending ratio, which is how long it would take for a market to run out of homes if properties were to stop selling, is two months. Technically, we are still in a seller's market. Homes continue to sell, even as more properties come on the market.

"Mortgage rates are still fantastic."

Interest rates went up quite a bit, affecting affordability significantly, and mortgage rates went down despite the Federal Reserve increasing interest rates. Conventional loans are at 5%, while FHA and VA loans are in the 4.5% range. This is due to financial factors such as the bond market, competition for money, etc. The bottom line is that mortgage rates are still fantastic.

Our number of sales and price per foot is holding. The real estate market remains strong, and interest rates are good. We're not sure what the Fed will do next, but there's a supply of money out there; many investors want to invest, and a great place for them to invest is in the mortgage markets.

Our advice is not to wait. A lot of people decided to get out of the market when rates went up to 3%, and prices did not go down then. If you want more details about this topic or have questions about the real estate market, don't hesitate to call or email us. We’ll be happy to help!