The second half of May seemed to open up a bit. But, sorry, it was a false peak. Less inventory came on the market and more buyers went out looking for it. Inventory was down 6% from last month, and down 14% from last year inventory.
6718 homes went under contract, which was up 17% last month, and up 3% from last year.
Active listings dropped last month. In fact, there was a 20% drop and inventory fell below 2000 homes for sale the second time this year. Listings are spending and average of four days on market.
You have to be ready to pounce, offer 30K over asking, without any contingences and ready to close in 2 weeks.
26% higher close - higher end homes.
23% higher close -medium priced homes.
$700,000 average closed price detached.
We are nowhere near the peak. Same with rates. Rates turned up mid-month.
Inflation jumped 4.2% - the highest in 13 years. Core inflation jumped to 3%. This was the highest monthly gain - EVER. Get the rest of the insights by listening to this 9 minute episode. More false peaks are expected.
Using ADU Rent to Qualify for More home
Transferring Wealth Through Real Estate
Purchasing a Home in High Inflationary Times
DMAR June 2022 - Is the housing frenzy over?
A Window of Opportunity for in Today’s Market
Interest Rates Dropped Going Into Memorial Weekend
Agents and Homebuyers - The Benefits of Choosing Your Own Mortgage Team
4 Reasons Higher Interest Rates Benefit Buyers
Should You Get an Adjustable Rate Mortgage?
Tips and Strategies to Get Under Contract.
Four Reasons a Recession Will Benefit You
What does it mean if the housing market is slowing?
Know Your Definition of Success
Appreciation is dropping, will home values follow?
Interest Rates are Increasing, is a Recession Looming?
Holding Out for the Must-Haves in Your Next Home
Reverse Mortgages Used as a Smart Financial Strategy - not the loan of last resort from the past
What is the difference between FHA and conventional loans?
6 Reasons Why Home Prices are Increasing
What Happens After You Leave the Closing Table?
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