2nd Quarter 2022 Westchester Real Estate Update!
Thomas Roberts
Licensed Real Estate Salesperson at William Raveis Real Estate, Mortgage & Insurance, Entrepreneur, and Leader
When I am asked, how is The Real Estate Market? My reply is, "It's, Complicated". Let me explain why it's complicated.
Over the past year, the US economy has been dealing with a significant rise in inflation.?The price for goods and services such as fuel, food, and housing has increased significantly.?One of the direct deflationary actions that the fed can do is raise interest rates. This rise in interest rates has had a direct impact on mortgage rates which in turn has a direct effect on people's ability to purchase homes and conversely homeowners' abilities to sell homes.?
The Chart for the current housing inventory for Westchester County.
Housing inventory, in Westchester County, is historically low.?The people who are impacted the most are home buyers and sellers.?There are other deflationary steps the government can take to bring down inflation - those steps are outside of the scope of this article.
Other reasons for the complexity in today's real estate market include reluctant homeowners who have purchased or refinanced within the last 10 years and now have a mortgage of 3% or lower.?They might be paying close to the same amount per month if they sold.
The Chart of the Current Mortgage rates is below.
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St. Louis FRED Break-even inflation rate below.
I am not an economist and this article is not intended to give financial advice.?If you have a real estate need in Westchester, I can help.?If you need financial advice, please get in touch with a financial professional.
The communities below each have a clickable link that will give you the most updated market data for that particular area. When you click on your community you can toggle between house types indicated by the photo to the right.
Healthcare leader with skills in operational excellence, and strategic implementation. Experience in building, syndicating and running healthcare facilities and large scale systems definition and implementation.
2 年Great summary. Thanks
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2 年Thanks for your reply. Something more has to change other than reliance on good old attrition. Hope it will be unexpectedly wonderful for Westchester County and its patiently waiting residents. Have a great holiday weekend.
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2 年Unfortunately this all adds up to a stagnant market that has no compelling reason to move