The fall 2022 housing market

The local housing market is a mix of good and bad. On the plus side, the number of houses on the market is slowly going up and some buyers are holding off due to higher interest rates. That means that it is possible to buy a house without having to compete with multiple buyers. In fact, it is even possible to buy a house and pay slightly less than the asking price.

The downside is the higher interest rates. Rates are low historically speaking but are at around 6% which is significantly higher than they were last year at this time. Over the years I have worked with many home buyers who bought a house and then later refinanced when rates went down.

However, if we look at interest rates over the past 20 years or so, they are currently low. There are no guarantees when it comes to interest rates. It would be nice if mortgages could be transferred from one property to another.

Most people are better off in the long run if they own rather than rent. Rents rise with home prices.

Oak tree
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