Hello everybody! Welcome back to Suburban Snacks, where we not only inform you of current Real Estate topics but also review a different food item every month! This month’s snack is Sweetarts Jelly Beans! Before we review the snack, we’ll be informing you on whether or not the decade-high interest rates are killing the housing market! House hunters are backing away from the housing market as mortgage rates continue to rise sharply. The National Association of REALTORS®’ newly released Pending Home Sales Index is a forward-looking indicator of home sales based on contract signings. It fell 2% in August compared to July and is down 24.2% compared to a year ago. This marks the third consecutive month that pending home sales have fallen. Home buyers now face mortgage rates that have doubled compared to a year ago. This adds hundreds of dollars to monthly mortgage payments. NAR predicts that the higher mortgage rates will cause existing-home sales to drop by 15.2% in 2022, reaching 5.19 million units. New-home sales are projected to drop by 20.9%. Three out of the four major regions of the U.S. saw month-over-month decreases in contract signings in August. Interestingly enough, the West was the only one to post a gain, although it was modest, it shows that the Western market of the US is continuing to grow. All major regions posted year-over-year, double-digit declines. What we can say is that Real Estate is one of the best ways to protect yourself against inflation over time. So, if you are someone looking to invest in Real Estate in this current market then we at Suburban would love to help! Do you like Sweetarts Jelly Beans? Let us know in the comments below. That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to get in contact with us feel free to check out our website at suburbanrealestategroup.com. Also, make sure to click the link below to follow us on Facebook. Thanks for watching, my name is Chad Olof and we will see you in the next one! https://www.facebook.com/SuburbanReal…
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Our team of experienced agents have facilitated the transfer of nearly $80 Million worth of Real Estate and currently manage over $30 Million worth of rental properties. By using the latest technology available in the industry, combined with their family values, buyers, sellers, and property owners can rest assured that their best interest is Suburban’s number one priority.
