Page 14 - December 2022 Issue.indd

unsustainable levels that will ultimately peak and then real This not only obviously impacts buyers but also sellers. For
estate prices will tumble. But will they? inventory to improve more people need to sell their home.
But what homeowner wants to sell their home with a 3%
We have a perfect storm of factors where prices are at mortgage so they can get a mortgage at 7%? Not many, so they
historically high levels with a doubling of interest rates in the are choosing to stay where they are.
last 9-12 months that has increased monthly payments by
50%-60%. Suddenly a payment on a $250,000 loan has gone Someone selling in today’s market needs to sell for a specifi c
from $1,054 at 3% to $1,663 at 7%, an increase of 57%. Th is reason such as relocating, retiring or they own their home with
level of increase in payments has forced many would be fi rst no mortgage, or they anticipate the equity they receive from
time homebuyers to the sidelines selling will be sufficient to pay cash for what they are buying,

or they will only need a very small mortgage.
Commercial I am a firm believer that owning your own home is the best

or Residential way for individuals to build wealth and heck, you must live
somewhere. Today’s market will not last forever. If you do
Call me for all buy and can manage payments at current rates, you can always

your Real Estate refinance when rates go down, which they will. We don’t know
needs. when.
We are closer to the end of the Feds increasing rates than we are
410-924-4807 from when they started. The recent decline in infl ation numbers

from 8.2% in September to 7.7% in October is an encouraging
sign that the Fed could reduce how much they increase rates
and ultimately stop raising rates sooner than expected. Funny
that we are getting excited about 7.7% infl ation.
BENSON & MANGOLD
110 Market Street 2022 is going to be remembered as the beginning of a transition
Michael Shipley Denton, MD 21629 of the real estate market from a seller’s market to a buyer’s
mshipley55@comcast.net 410-479-0777 market. Although the number of listings will slowly increase
it will take some time for the supply of homes to get back to
what is considered pre-pandemic levels.

THANK YOU 2022 will also be remembered as the year when, for the fi rst
time in history, interest rates doubled, and payments increased
50%-60%. Unfortunately, we will have to get used to rates
for allowing me to
being 6% or higher for the foreseeable future.
serve you as your
From myself and my family I want to wish you and your family
Register of Wills.
a very Merry and Blessed Christmas and a Happy, Healthy and

Prosperous New Year! Thanks for reading Dollars and Sense.
Mr. Rowe is Vice President/Lending for Bay Capital Mortgage
Corp. with offices in Easton and Annapolis. He has lived in
Caroline for his entire life and supports the county by volunteering
in a variety of ways. He currently lives near Greensboro with his
wife Jeanne and daughter Kelsey.
Jim Phelps,
Register of Wills
BRIAN’S POWER WASH, LLC
for Caroline County
In God • Low Pressure Exterior Cleaning
We Trust • No Pressure Roof Cleaning

B • Residential & Commercial
P
W
• Licensed & Insured
FREE ESTIMATES!
Brian Bartolomeo
brianspowerwash@gmail.com
443-786-3439 www.brianspowerwash.com

14