Market Updates July 20, 2022

Market Report Update–June 2022

The June market report for Northwestern Vermont is out.  One item that I found somewhat misleading is the year-over-year data.  It shows the number of listings down substantially from last year. However, over the last three months, the number of listings has actually gone up.  As I expected, the increases in mortgage rates will increase the inventory of unsold homes, likely decreasing price escalation.

In Northwestern Vermont, I see a softening in the over $1 million price range, but the under $400,000 market is still very strong.

Don’t let the increase in rates dissuade you from making a move. When rates are high, it’s actually a good time to buy, because the difference is usually reflected in the price, and when rates fall, you can always refinance at a lower rate. Check out the variable rates. Adjustable rate mortgages (ARMs), especially the 5/1 to 10/1 ARMs, provide good value in this environment.

Contact me if you would like a copy of the full report.