K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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Red-Hot Housing Market

April 15, 2022

Red-Hot Housing Market

As we all know these days it is hard for a buyer to find a home due to the lack of inventory as well as homes often going into multiple offers.  Buyers are waiving inspections, offering significantly over asking and sometimes still not getting the offer accepted.  It is a Red-Hot Housing market.  However, per Fortune.com with inflation rising the Federal Reserve does not want to continue to sit on the side lines and one way to halt that is to raise the interest rates.  Back in December the average rate was 3.11%, so on a $400,000 mortgage a borrower would owe around $1,710 per month as compared to the current rates now at 5% that same loan would jump to $2,147. While experts predict the prices will still increase over the next year the average is predicted to rise on average 5% as compared to the past 12 months that has seen an average increase of 19%.  It is still very clear we are in a time where the Seller’s have all the power, even with the rates rising it isn’t likely to change anytime soon.


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