The Mortgage Interest Rates have nearly doubled in the first 7 months of 2022. Yikes! This has naturally slowed the real estate market, as it was intended to by the Federal Reserve (AKA “The Fed”). However, this slowing of the market has changed it from the extreme frenzy that we had last Summer. Back then, Sellers could expect to see 10+ offers in the first few days of listing their house and selling it for a number way over the asking price. Now, we’re seeing more of a healthy pace where if the house is priced fair and marketed well, that it should sell in the first few weeks at or near the asking price.
In Thurston County, we’ve seen inventory grow for the last 3 months in a row. However, the inventory has only grown by a little bit each month. A balanced market has approximately 6 months of inventory. Even after these gains, we still only have a little over one month of inventory. So, all real estate market indicators still point to this being a Strong Seller’s Market.
However, the Consumer Confidence Index has fallen 2 months in a row and now stands at its lowest level since February of 2021.
What does all of this really mean? I don’t have a crystal ball that tells me the future, but if I were looking to sell a house in the next year, I would get to it sooner than later.
