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Real Estate Market Update August 2022

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Mortgage interest rates are at sitting at 5.125% today down from 5.85% and If you are looking to buy and waiting for the interest rates to go down into the 3% range again, that might be a very long wait, according to the National Association of Realtors mortgage rates will stabilize around 6% for the rest of the year and most likely into next year and they also told the Senate that home prices are not likely to fall anytime soon as well. NAR’s chief economist said the nation faced an “immense, longer-term” affordability crisis with a 6-million-unit housing shortage.

Hi, I’m John Herman of PropertyUp and I list and sell homes in the Northwest Suburbs of Chicago – Hey can you do me a small favor and click the like button if you like this video!

Here at the start of August 2022 the time crunch to get into a home for the school district is just about over and other buyers are waiting because they feel prices are too high however with the low inventory we have, will continue to have prices stay steady and may not see major price decreases anytime soon.

Did you know that 15% of all property purchases in 2021 were made by institutional groups like hedge funds, investors, and other conglomerates? This is starting to be competition for the families looking for a home and something to keep an eye on as these groups are willing to pay more than the average family and these groups even overpays and takes losses on some purchases on purpose to offset their other profits.

Looking here locally – in the 3rd week of July, I closed a home in Des Plaines with a cash buyer in a multiple offer situation, where the price of the home was $315,000 and we won the highest and best offer at $292,000, $23K under list price, so prices are stabilizing in pockets of the Northwest Suburbs.

Homes are still selling its just taking around 30 days to sell on average now instead of 3 days as I had 2 homes in the past week go under contract in about that timeframe.

So Gas prices have gone down, interest rates have also gone down and prices of homes are stabilizing.

My name is John Herman of PropertyUp, please click the subscribe button to get more videos like this one AND MAKE IT A GREAT DAY!

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