We are coming to you this month from the Lantern Tavern in the Perry District—home to the glorious “Perfect Burger” and candied bacon! But as much as we love the food, we are here to break down exactly what happened in the June real estate market.
Whether you are looking to buy or sell, here is the latest data on pricing, inventory, and where mortgage rates might be heading next.
Pricing and Inventory Breakdown
The market is currently showing some seasonal stabilization and shifting dynamics.
- Median Sale Price: In May, our median sale price sat at $435,000. In June, that number dipped slightly to $427,000, which is roughly a 1.5% month-over-month decline. However, year-over-year, prices remain up by about 1%.
- Active Inventory: Buyers finally have more options. Active inventory is up 13% year-over-year, bringing us to around 3,700 homes currently active on the market without an offer.
- Market Activity: Demand is still present. Closed sales are up 2% year-over-year, and new pendings are up a robust 16%.
- First-Time Homebuyers: The $300,000 to $450,000 price range continues to be one of the strongest, most active segments of the market.
Mortgage Rates and the Fed’s Next Move
While the average monthly mortgage payment has increased over the last year (largely due to rising property taxes and homeowners insurance), there is a silver lining: we actually ended June with slightly lower mortgage rates than we started with. The trajectory looks promising as gas and oil prices come down, which should help cool inflation over time.
However, keep an eye on the Federal Reserve. New Fed Chair Kevin Warsh has indicated that they are not planning to cut the Federal Funds rate anytime soon. In fact, markets are currently pricing in a 70% chance of a 25-basis-point rate hike to continue fighting inflation. Warsh has also shifted Fed communications, stating they will no longer provide forward guidance or forecasts in an effort to reduce market volatility and speculation.
Strategic Advice for Buyers and Sellers
For Sellers: Price is Paramount
With average days on market sitting around 39 days, homes are taking a little longer to sell than they did in previous years. When selling a home, you are dealing with three main factors: price, condition, and location. Since you can’t change the location, and if you are unwilling or unable to invest in updating the condition, price becomes your only leverage. Today’s buyers are highly educated and have access to extensive market data; they will not overpay for an overpriced home
For Buyers: Don’t Talk Yourself Out of the Market
If you have been waiting on the sidelines, don’t self-select out of looking for a home! With inventory increasing and homes sitting slightly longer, there are excellent opportunities available:
- Negotiation Power: A 10% negotiated price reduction on a home is roughly equivalent to a 1% drop in your interest rate.
- Seller Concessions: You can negotiate with sellers for concessions to help with affordability. For example, an FHA loan allows up to 6% of the purchase price in concessions. On a $400,000 home, that is $24,000 that can be applied toward your closing costs or used for a temporary or permanent interest rate buydown.
If you are ready to explore your options, don’t hesitate to reach out. We can help you get pre-qualified and build a game plan that makes sense for your budget.
Looking to buy or sell? Visit spokanehomeguy.com or call 509-990-SOLD (7653) to get started!
SOUTH PERRY LANTERN IN THE PERRY DISTRICT
We chose a place dear to us – South Lantern!
South Perry’s Lantern is a cozy spot to grab lunch, dinner, or a drink in the heart of the Perry District. They have a great interior with lots of seating that has viewable tv’s from most tables, and even a perfect patio section for the summer months. They have a wide variety of beer on tap and a full bar too!
We chose to have their “Perfect Burger” & the “Perry Cheesesteak” – Both were absolutely phenomenal! The Perfect Burger has candied bacon, brie cheese, spiced honey, champagne-macerated pears, arugula, tomato, and their house aioli. In our team’s opinion, it really was the most perfect burger! Mike demolished his cheesesteak…so we think he liked it.
The ambiance is great, and they have a wide variety of dishes for everyone. If you haven’t had the chance to check out a Spokane Classic, you’ll want to make some dinner plans!
Want to peruse their menu? https://www.lanternspokane.com/
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