Our local real estate market was very strong in June, as noted in the graphic below. Keyfinders Team Realty represented 26 closed properties, with a below average days on market of 23 days and an above average sales price with an average sales price of $343,000! The buzz today is rising interest rates. Quick snapshot of what the experts say: Laurence Yun, Chief Economist for the National Association of Realtors reported this week that "Even though Federal Reserve policymakers voted Wednesday to raise short-term interest rates by 75 basis points, we shouldn't expect too much volatility in mortgage rates. It’s possible that we may be actually tapping out in mortgage rates." In a statement Mike Fratantoni, chief economist for the Mortgage Bankers Association, similarly suggested that mortgage rates could be plateauing. [M]ortgage rates may have already peaked and could stay between 5 percent and 5.5 percent through the remainder of 2022,” he said. Market Tidbits and Takeaways: Though inventory has recently risen it is still inadequate to meet demand. Inventory is turning and heading back toward a pre-COVID normal. Consumers will no longer have to make an offer after seeing only one home. Now they can be more relaxed and look at three, four, five homes and then determine which one is the right one. Just like the olden days. The days of homebuyers having to make offers immediately and bid over list price in order to compete in a bidding war are over. For further interpretation of the current market, whether buying, selling or investing, give us a call. We study market trends daily so we can represent you BEST! | 
