Page 11 - June 2022 Issue.indd

face” commodity is gasoline. Suddenly 3-4 months ago. The principal and of “easy money” like we saw in the
the sign at any gas station becomes must interest payment on a $250,000 loan early 2000’s. In today’s lending world
see as we drive by. We had been lulled at 3.5% is $1,119, at 5.5% it is $1,412, I don’t consider someone “getting” a
into a sense of stability on most of our $293 or 26% more. For some would be mortgage as much as they are “earning”
visits to the pump with prices inching buyers, this increase is devastating to the it. Ask anyone who got a mortgage in
up or down a dime over several weeks point that they are ending their search the last three years how “easy” it was.
noticeable but not disconcerting. Now for a home, thinking some semblance of Document, document, document!
our lives become unhinged when we normal will prevail and prices will come

didn’t take time to fill up on our way down someday. Going forward, real estate prices will
home from work waiting till the next continue to be impacted by strong
morning instead and the price went up Only time will tell if waiting to buy demand with limited supply. Th is will
ten cents overnight! a home will be a prudent strategy. No foster multiple offers on aggressively
one has a crystal ball clear enough to priced properties with sale prices
Mortgage rates have gone up nearly 2% predict when values and interest rates exceeding asking prices. As interest
in the last three months and are poised will moderate or come down. There rates rise increasing monthly payment,
to continue their upward climb. Since are two variables to consider when buyers will look at cheaper homes
2009 anyone familiar with borrowing weighing the options of buying now and “drive till they qualify.” Upward
money secured by a home has or waiting until some point of time in pressure on prices by buyers from the
conditioned to interest rates below 4% the future. western shore has and will continue
with inventory of homes adequate. For to increase as remote work is accepted
those who have been frustrated with the Real estate values have increased at and encouraged by more businesses.
impact of limited inventory and been double digit rates for the last 12 months Demand for affordable homes will
unsuccessful in trying to buy a home and the median sale price home, as continue for the rest of this year and
in the last six months, this increase has reported by the National Association well into 2023.
been at the very least frustrating, and at of Realtor has increased in the last 36
its most signifi cant, devastating. months from $273,800 to $375,300 with Inventory of homes for sale will
$75,000 of that increase happening since continue to be a problem. Move up
Frustrated buyers or borrowers are January, 2021. This rate of increase in buyers, discouraged by lack of homes

looking at principal and interest prices was strictly a function of supply priced appropriately versus the value
payments 25% higher than they were and demand and not of an abundance (continued on next page)

g
It’s still a great
a
t

r
e
t ime to BU Y !
time to BUY!
SOLD!

on
ps
Kat Thompson
M
Benson and Mangold
110 Market Street
Denton MD
Cell: 443-497-6503

Looking to buy or

sell your home?

t
d
t
Call Kat today for all of your real estate needs.
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