06/23/2022
It is sunny and hot outside. The housing market is starting to cool, after a heat wave that sizzled last year with record prices, lowest days on market, and multiple offer frenzy. Today, consumers are taking the hit, as higher interest rates take the wind out of spending sails. Longer days on market, price reductions, and escrows falling out because buyers are getting priced out of a home that they once could afford. Although times are changing, people still need to purchase homes, and sell homes. Hang on! A plan sometimes takes the sting out of the unknown. I work with Sheila Tobin, as my lender, so a plan to maximize your spending ability is just a phone call away. My escrow team with Kerri Ringe and Janine Romney take the unwanted "issue" excitement out of an escrow, and solve problems before they become escrow cancellations. Finally, Jessie, my transaction coordinator keeps our timeline moving, and disclosures delivered and signed on time to help wrangle the many moving escrow parts of a contract.
The compounding effects of elevated inflation and higher interest rates are expected to further weigh on economic growth and home sales as the year progresses, with full-year 2022 growth now forecast at a slightly reduced 1.2 percent and expectations of a late-2023 modest economic contraction unchan...