Yakima Real Estate Pro Calls Market Unpredictable
After years of increases and growth the Yakima real estate market is now described by a local real estate professional as an irrational and unpredictable market at least in the short term. Cory Bemis, owner of Yakima's John L. Scott Real Estate says mortgage rates are making a big impact on the market. 30-year fixed rate mortgages are averaging a 5.44% according to MortgageNewsDaily.com. Bemis says that's 0.20% lower than one month ago, and 2.36% higher than one year ago.
Rising interest rates are causing a market that's unpredictable
Bemis says the sharp rise in interest rates over the past two months "has created an irrational and unpredictable market in the short term. The typical patterns that we see in the Spring and Summer market aren't patterns at all this year. Some areas of the market are experiencing bidding wars fiercer than ever, while other areas of the market are seeing very few offers with longer days on market. Once the shock of higher interest rates wears off, we should experience a return to normalcy from the perspective of how the different areas of our market correlate with one another"
Despite the challenges in the economy people are still in the market
Despite growing mortgage rates the market is still seeing a lot of growth. He says the current median home sales price has increased from $305,000 last year to $345,000 this year which is a 13.1.% increase over 2021.
192 homes sold in May of this year representing a 3.8% increase from the 185 homes that sold in May of last year. So far this year, all total 823 homes have sold which is a 13.4% increase over last year.
Are you thinking of moving this summer or fall?
Are you in the market for a new home? When is the best time to move? Officials at moving.com say "the best months to move are November and December.This is when moving companies are the slowest, as kids are in school and most people don't want to move during the holidays. Avoid the summer months, as those are the most expensive times to move."