Yakima Real Estate Pro calls the market unpredictable

After years of increase and growth, the real estate market in Yakima is now described by a local real estate professional as an irrational and unpredictable market, at least in the short term. Cory Bemis, owner of Yakima’s John L. Scott Real Estate, says mortgage rates have a big impact on the market. 30-year fixed rate mortgages average 5.44% according to MortgageNewsDaily.com. Bemis says that’s 0.20% lower than a month ago and 2.36% higher than a year ago.

Rising interest rates create an unpredictable market

Bemis says the sharp rise in interest rates over the past two months “has created an irrational and unpredictable market in the short term. The typical patterns we see in the spring and summer market are not at all models this year. Some areas of the market are seeing fiercer bidding wars than ever, while other areas of the market are seeing very few offers with longer days on the market. Once the rate shock past higher interest rates, we should see a return to normal in terms of how the different sectors of our market correlate with each other.”

Despite the challenges in the economy, people are still in the market

Despite rising mortgage rates, the market is still experiencing strong growth. He says the current median home sale price has risen from $305,000 last year to $345,000 this year, a 13.1% increase from 2021.
192 homes sold in May of this year, which is a 3.8% increase from the 185 homes sold in May of last year. So far this year, a total of 823 homes have been sold, representing a 13.4% increase over last year.

Are you planning to move this summer or fall?

Are you looking for a new home? When is the best time to move? Officials at moving.com say that “the best months to move are November and December. This is when the moving companies are slowest, as the children are in school and most people don’t want to move during the holidays. Avoid the summer months, as these are the most expensive times to move.”

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Keep reading to see if your favorite beach town made the cut.

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Keep reading to see if your favorite beach town made the cut.

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