Market News July 28, 2022

Q2 2022 Central and Southern Oregon Real Estate Market Update

The following analysis of select counties of the Central and Southern Oregon real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

 

Regional Economic Overview

The Central and Southern Oregon counties covered by this report have added 5,470 new jobs over the past 12 months, representing an annual growth rate of 2.3%. The region has now recovered all but 2,400 of the more than 37,000 jobs that were lost due to the pandemic.The Bend Metro Service Area (MSA) and Crook County have both returned the jobs lost during the pandemic, but the Medford MSA is still lagging, with employment levels 3,200 lower than at the start of 2020. The area’s unemployment rate was 4%, down from 6.1% a year ago and matching the pre-pandemic low. By area, the lowest jobless rate was in Bend (3.4%) and the highest was in Klamath County, where 5.3% of the labor force is still without a job.

Central and Southern Oregon Home Sales

In the second quarter, 2,424 homes sold, which represented a drop of 11.1% compared to the same period a year ago. Sales were 9.6% lower than in the first quarter of the year.

Compared to the first quarter of this year, sales grew in Crook, Jackson, Josephine, and Klamath counties, but fell in Deschutes and Jefferson counties.

Although sales fell overall, Crook and Josephine counties saw transactions grow by 16.8% and 2.4%, respectively.

The drop in sales is not troubling; the market is only reverting back to its pre-pandemic pace. There will certainly be some markets that underperform, and this may make it feel as if the market is collapsing, but it isn’t.

A bar graph showing the annual change in home sales for various counties in Central and Southern Oregon from Q2 2021 to Q2 2022. There are two counties with positive percentage year-over-year changes: Crook at 16.8% and Josephine at 2.4%. All other counties show a negative year-over-year change. Here are the totals: Klamath -4.8%, Jackson -11.4%, and Deschutes -21.1%.

Central and Southern Oregon Home Prices

While home sales fell, prices did not. The average sale price in the region rose 10.8% year over year to $603,271. Prices were up 1.5% compared to the first quarter of 2022.

Compared to the first quarter of the year, average prices rose in all counties other than Josephine. In Bend, prices were up more than 13%.

All counties contained in this report except Crook saw average prices rise compared to a year ago. The Bend area experienced significant increases.

Home prices have not been significantly influenced by the increase in mortgage rates yet. Median list prices in the area rose in all counties other than Josephine (where they were flat), which suggests that home sellers are still confident. I will be closely monitoring list prices going forward, as they will be the first indicator that the market is cooling.

A map showing the real estate home prices percentage changes for various counties in Central and Southern Oregon. Different colors correspond to different tiers of percentage change. Crook County is the only county with a percentage change in the -2% to -0.1% range, while Jefferson County is the only county in the 0% to 4.9% change range. Josephine and Jackson are in the 5% to 9.9 % change range, Klamath is in the 10% to 14.9% change range, and Deschutes is the only county in the 15% + range.

A bar graph showing the annual change in home sale prices for various counties in Central and Southern Oregon from Q2 2021 to Q2 2022. Deschutes county tops the list at 21%, followed by Klamath at 11.2%, Jackson at 8.5%, Josephine at 6.6%, Jefferson at 3.4%, and finally Crook County at -1.1%.

Mortgage Rates

Average rates for a 30-year conforming mortgage were 3.11% at the end of 2021, but since then have jumped over 1.5%—the largest increase since 1987. The speed of the surge in rates is due to the market having quickly priced in the seven-to-eight rate increase that the Fed is expected to implement this year.

Because the mortgage market has priced this into the rates they are offering today, my forecast suggests that we are getting close to a ceiling in rates, and it is my belief that they will rise modestly in the second quarter before stabilizing for the balance of the year.

A bar graph showing the mortgage rates from 2020 to the present, as well as Matthew Gardner's forecasted mortgage rates through Q2 2023. He forecasts mortgage rates continuing to climb to 5.9% in Q4 2022, then tapering off to 5.58% in Q1 2023 and 5.53% in Q2 2023.

Central and Southern Oregon Days on Market

The average time it took to sell a home in the region rose 2 days compared to a year ago, but it took 14 fewer days for a home to go under contract compared to the first quarter of the year.

The average time it took to sell a home in the second quarter of 2022 was 28 days.

Klamath (-2 days) and Jefferson (-7 days) saw market time drop, while market time rose or remained static in the rest of the region compared to a year ago. Market time fell across the board compared to the first quarter of this year.

Interestingly, the average market time in the second quarter of 2019 (pre-pandemic) was 82 days, which is just one indicator as to the vibrancy of the region’s housing market.

A bar graph showing the average days on market for homes in various counties in Central and Southern Oregon for Q2 2022. Deschutes county has the lowest DOM at 16, followed by Jackson at 23, Klamath at 26, Josephine at 34, Crook at 35, and Jefferson at 36.

Conclusions

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Though the job market is recovering more slowly than I would like, the housing market is still performing strongly. As we move through the year, some may believe that the market is underperforming, but this is not the case. Along with much of the rest of the country, the Central and Southern Oregon housing market has been overperforming since the pandemic started. As the market starts to trend back to its pre-pandemic pace of sales and price growth, the slowdown might feel exaggerated but there is no cause for concern.

A speedometer graph indicating a medium seller's market in Central and Southern Oregon for Q2 2022.

Despite dramatically rising financing costs, buyers still appear to be motivated. List prices have yet to “roll over,” suggesting that sellers are still confident. This, combined with the other data presented here, tells me that they are still in the driver’s seat.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Market News July 28, 2022

Q2 2022 Northwest Oregon and Southwest Washington Real Estate Market Update

The following analysis of select counties of the Northwest Oregon and Southwest Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

 

Regional Economic Overview

The Oregon counties contained in this report continue to recover, but employment levels are still down more than 61,000 from the pre-pandemic peak. This is mainly due to the Portland market as Multnomah County accounts for over half of the missing jobs. Even with employment not having fully recovered, the region’s unemployment rate was a healthy 3.5%, which is down from the pandemic peak of 12.8%. The Southwest Washington market has recouped all the jobs lost and added 6,600 more. During second quarter, the unemployment rate was 4.4%, which is down from 14% at the start of the pandemic.

Northwest Oregon and Southwest Washington Home Sales

In the second quarter, 14,558 homes sold, which is a drop of 10% compared to a year ago. Sales rose more than 33% compared to the first quarter of the year.

Compared to the first quarter of this year, sales rose across the board, with double-digit increases in every county other than Clatsop.

Although year-over-year sales fell overall, several markets saw transactions increase. Lincoln, Wasco, Clatsop, and Skamania counties had solid gains.

The tangible growth in sales comes at a time when inventory levels have also grown significantly. This suggests that demand remains strong.

A bar graph showing the annual change in home sales for various counties in Northwest Oregon and Southwest Washington from Q2 2021 to Q2 2022. The counties with a positive percentage year-over-year change are Lincoln at 66.7%, Wasco at 38.6%, Clatsop at 31.3%, Skamania (WA) at 19%, Columbia at 7.2%, and Polk at 5.6%. The counties with a negative year-over-year change are Hood River at -2.6%, Cowlitz (WA) at -4.7%, Lane at -6.3%, Marion at -11%, Washington at -11.3%, Linn at -12.3%, Multnomah at -12.4%, Clark (WA) -12.7%, Yamhill at -15.3%, Benton at -15.6%, Clackamas at -15.9%, and Klickitat (WA) at -22.3%.

Northwest Oregon and Southwest Washington Home Prices

The average home sale price in the region rose 11.2% year over year to $589,526. Prices were 7.8% higher than in the first quarter of 2022.

Relative to the first quarter of 2022, average prices rose in all counties other than Clatsop and Columbia. Home prices were up by more than 20% in Hood River and Klickitat counties.

All but five counties saw average sale prices rise more than 10% compared to a year ago.

Rising mortgage rates have yet to impact home prices. Median list prices are still rising in most markets, which suggests that home sellers remain confident. I will be closely monitoring list prices going forward, as they will be the first indicator that the market may be cooling; I currently see no real signs of this.

A map showing the real estate home prices percentage changes for various counties in Northwest Oregon and Southwest Washington. Different colors correspond to different tiers of percentage change. Clatsop and Yam Hill Counties are the only county with a percentage change in the 0% to 4.9% range, Hood River, Multnomah, and Clackamas counties are in the 5% to 9.9% change range, Marion, Lincoln, Cowlitz, and Skamania are in the 10% to 14.9% change range, Columbia, Clark, Washington, Polk, Linn, Lane, Wasco, and Klickitat counties are in the 15% to 19.9% change range, and Benton county is the sole county in the 20% + change range.

A bar graph showing the annual change in home sale prices for various counties in Northwest Oregon and Southwest Washington from Q2 2021 to Q2 2022. Benton county tops the list at 21.7%, followed by Columbia at 19.8%, Polk at 18.2%, Washington at 17.4%, Klickitat (WA) at 16.4%, Wasco at 16.1%, Clark (WA) at 16%, Lane at 15.3%, Linn at 15%, Lincoln at 14%, Marion at 13%, Skamania (WA) at 11.5%, Cowlitz (WA) at 10.2%, Hood River at 9.1%, Clackamas at 7.5%, Multnomah at 6.8%, Yamhill at 2.8%, and finally Clatsop at 1.3%.

Mortgage Rates

Although mortgage rates did drop in June, the quarterly trend was still moving higher. Inflation—the bane of bonds and, therefore, mortgage rates—has yet to slow, which is putting upward pressure on financing costs.

That said, there are some signs that inflation is starting to soften and if this starts to show in upcoming Consumer Price Index numbers then rates will likely find a ceiling. I am hopeful this will be the case at some point in the third quarter, which is reflected in my forecast.

A bar graph showing the mortgage rates from 2020 to the present, as well as Matthew Gardner's forecasted mortgage rates through Q2 2023. He forecasts mortgage rates continuing to climb to 5.9% in Q4 2022, then tapering off to 5.58% in Q1 2023 and 5.53% in Q2 2023.

Northwest Oregon and Southwest Washington Days on Market

The average time it took to sell a home in the region fell 2 days compared to the same period a year ago. It took 11 fewer days for homes to sell compared to the first quarter of 2022.

The average time it took to sell a home in the second quarter of 2022 was 33 days.

Skamania, Polk, Marion, Lane, and Cowlitz counties saw market time rise, while market time dropped or remained static in the rest of the region compared to a year ago. Compared to the first quarter, market time fell in all markets other than Hood River, where it rose by a modest two days.

Interestingly, the average days on market in the second quarter of 2019 (pre-pandemic) was 62 days, which tells me that the current market remains bullish.

A bar graph showing the average days on market for homes in various counties in Northwest Oregon and Southwest Washington for Q2 2022. Washington County has the lowest DOM at 10, followed by Clark (WA) at 11, Clackamas at 13, Clatsop at 14, Multnomah at 15, Lane at 16, Cowlitz (WA) at 17, Yamhill at 18, Columbia at 19, Wasco at 26, Hood River at 27, Skamania (WA) at 43, Klickitat (WA) at 44, Marion at 56, Lincoln at 59, Linn at 63, Polk at 68, and Benton at 77.

Conclusions

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Though the job market is recovering more slowly than I would like, the housing market is still performing strongly. As we move through the year, some may believe that the market is underperforming, but this is not the case. Along with much of the rest of the country, the Northwest Oregon and Southwest Washington housing markets have been overperforming since the onset of the pandemic. As I expect the market to start trending back to its pre-pandemic pace of sales and price growth, the slowdown might feel exaggerated, but there is no cause for concern.

A speedometer graph indicating a medium seller's market in Northwest Oregon and Southwest Washington for Q2 2022.

Despite dramatically rising financing costs, buyers still appear to be motivated. List prices have yet to “roll over,” suggesting that sellers are still confident. This, combined with the other data presented here, tells me that they are still in the driver’s seat.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Market News July 27, 2022

Q2 2022 Western Washington Real Estate Market Update

The following analysis of select counties of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

 

Regional Economic Overview

The most recent employment data (from May) showed that all but 2,800 of the jobs lost during the pandemic have been recovered. More than eight of the counties contained in this report show employment levels higher than they were before COVID-19 hit. The regional unemployment rate fell to 4.5% from 5.2% in March, with total unemployment back to pre-pandemic levels. For the time being, the local economy appears to be in pretty good shape. Though some are suggesting we are about to enter a recession, I am not seeing it in the numbers given rising employment and solid income growth.

Western Washington Home Sales

In the second quarter of 2022, 23,005 homes sold, representing a drop of 11% from the same period a year ago, but up by a significant 52% from the first quarter of this year.

Sales rose in Grays Harbor County compared to a year ago but fell across the balance of the region. The spring market, however, was very robust, likely due to growing inventory levels and buyers trying to get ahead of rising mortgage rates.

Second quarter growth in listing activity was palpable: 175% more homes were listed than during the first quarter and 61.98% more than a year ago.

Pending sales outpaced listings by a factor of 3:1. This is down from the prior year but only because of the additional supply that came to market.

A bar graph showing the annual change in home sales for various counties in Western Washington from Q2 2021 to Q2 2022. The only county with a positive percentage year-over-year change is Gray Harbor County at 4.9%. All other counties show a negative year-over-year change Here are the totals: Skagit -0.6%, Lewis -1.1%, Kitsap -1.3%, Cowlitz -5.4%, Clallam -5.8%, Jefferson -6.6%, Whatcom -6.7%, Thurston -7.3%, Snohomish -8.4%, Pierce -10.2%, Island -11.3%, Mason -11.7%, King -15.8%, and San Juan -38.2%.

Western Washington Home Prices

Even in the face of rising mortgage rates, home prices continue to rise at a well-above-average pace, with average prices up 13.3% year over year to $830,941.

I have been watching list prices as they are a leading indicator of the health of the housing market. Thus far, despite rising mortgage rates and inventory levels, sellers remain confident. This is reflected in rising median list prices in all but three counties compared to the previous quarter. They were lower in San Juan, Island, and Jefferson counties.

Prices rose by double digits in all but four counties. Snohomish, Grays Harbor, Mason, and Thurston counties saw significant growth.

List prices and supply are both trending higher, but this has yet to slow price growth significantly. I believe we will see the pace of appreciation start to slow, but not yet.

A map showing the real estate home prices percentage changes for various counties in Western Washington. Different colors correspond to different tiers of percentage change. San Juan County is the only county with a percentage change in the 5% to 7.9% range, Skagit, Lewis, and Cowlitz counties are in the 8% to 10.9% change range, Clallam, Jefferson, Kitsap, and Pierce are in the 11% to 13.9 % change range, King and Whatcom counties are in the 14% to 16.9% change range, and Grays Harbor, Mason, Thurston, and Snohomish counties are in the 17% + range.

A bar graph showing the annual change in home sale prices for various counties in Western Washington from Q2 2021 to Q2 2022. Snohomish county tops the list at 20.6%, followed by Grays Harbor at 18.9%, Mason at 18.4%, Thurston at 17.4%, Whatcom at 16.3%, King at 14.3%, Kitsap at 13.8%, Jefferson at 13.6%, Pierce at 13%, Clallam at 12.7%, Skagit at 10.8%, Lewis at 9.1%, Cowlitz at 8.9%, Island at 8.6%, and finally San Juan at 5.6%.

Mortgage Rates

Although mortgage rates did drop in June, the quarterly trend was still moving higher. Inflation—the bane of bonds and, therefore, mortgage rates—has yet to slow, which is putting upward pressure on financing costs.

That said, there are some signs that inflation is starting to soften and if this starts to show in upcoming Consumer Price Index numbers then rates will likely find a ceiling. I am hopeful this will be the case at some point in the third quarter, which is reflected in my forecast.

A bar graph showing the mortgage rates from 2020 to the present, as well as Matthew Gardner's forecasted mortgage rates through Q2 2023. He forecasts mortgage rates continuing to climb to 5.9% in Q4 2022, then tapering off to 5.58% in Q1 2023 and 5.53% in Q2 2023.

Western Washington Days on Market

It took an average of 16 days for a home to go pending in the second quarter of the year. This was 2 fewer days than in the same quarter of 2021, and 9 fewer days than in the first quarter.

Snohomish, King, and Pierce counties were, again, the tightest markets in Western Washington, with homes taking an average of between 8 and 10 days to sell. Compared to a year ago, average market time dropped the most in San Juan County, where it took 26 fewer days for a seller to find a buyer.

All but six counties saw average time on market drop from the same period a year ago. The markets where it took longer to sell a home saw the length of time increase only marginally.

Compared to the first quarter of this year, average market time fell across the board. Demand remains very strong.

A bar graph showing the average days on market for homes in various counties in Western Washington for Q2 2022. Snohomish and King counties have the lowest DOM at 8, followed by Thurston and Kitsap at 9, Pierce at 10, Island and Skagit at 12, Whatcom at 14, Mason at 16, Cowlitz at 17, Lewis at 20, Jefferson at 21, Clallam at 24, Grays Harbor at 25, and San Juan at 35.

Conclusions

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

The economy remains buoyant, which is an important factor when it comes to the regional housing market, particularly as it affects buyers. Even though the number of homes that came to market has jumped significantly, which should favor those looking for a new home, demand is still robust, and the market remains competitive.

A speedometer graph indicating a strong seller's market in Western Washington for Q2 2022.

Much to the disappointment of buyers, rising listing prices suggest that sellers are clearly still confident even as financing costs continue to increase. While the pace of price growth is slowing, sellers are still generally in control. As such, I have moved the needle a little more in the direction of sellers. Until we see list-price growth and home sales slow significantly, we will not reach a balanced market.

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Market News July 25, 2022

The Landscape for Mortgage Rates and Inflation in 2022


This video is the latest in our Monday with Matthew series with Windermere Chief Economist Matthew Gardner. Each month, he analyzes the most up-to-date U.S. housing data to keep you well-informed about what’s going on in the real estate market. 


 

 


Hello there, I’m Windermere’s Chief Economist Matthew Gardner and welcome to this month’s episode of Monday with Matthew. You know, one of the many things I love about being an economist is that it is a remarkably humbling profession. You see, just when we start to believe that our models are close to perfection, something comes along to remind us that forecasting isn’t an exact science.

And if you’re wondering what I am talking about, I recently took a look at the 2022 mortgage rate forecast I put out at the start of the year and…well, let’s say that rates rose at a far faster pace than I had anticipated. I thought that now would be a good time to take another look at rates and share my thoughts on the direction that they will likely take during the rest of the year and my reasoning behind it. And that means we need to talk about inflation.

30-Year Conventional Mortgage Rates: 2018 – 2022

A graph showing the 30-year conventional mortgage rates for the years 2018-2022. The curve of the graph creates a sine wave, increasing from roughly 4% to 5% in 2018, dropping to roughly 3.5% by the end of 2019, decreasing further to roughly 2.5% by the end of 2020, coming back up to roughly 3.0% by the end of 2021, and spiking up to over 5.8% in 2022 before dipping slightly.

 

So, a quick look back. As you can see, there wasn’t much to celebrate in 2018, with rates rising from 3.95% to 4.94% before pulling back and ending the year at around 4.5%. In 2019, rates fell following the Feds’ announcement that they were likely done with raising the Fed Funds Rate, and the mortgage market also reacted positively to the announcement from the White House that they were going to impose tariffs on select Chinese imported goods. We saw an uptick in late summer, but that was mainly due to news related to BREXIT.

In 2020, rates were dropping but spiked very briefly when COVID-19 shut the country down and bond markets panicked. But with the Fed jumping in with an emergency rate cut and announcing that they would start buying a significant number of treasuries and mortgage-backed securities, rates tumbled to an all-time low of just 2.66%. In 2021, rates rose as new COVID infections plummeted, but then dropped again as the Delta variant took hold, but ultimately trended modestly higher in the second half of the year.

And then we get to 2022. Rates started the year at just over 3.1% but have since skyrocketed to over 5.8% before a small pullback that started a few weeks ago. In as much as economists expected rates to rise this year, nobody anticipated how fast they would rise. So, what went wrong? Well, there’s actually a rather simple answer.

Even though we expected rates to trend higher in 2022, there were two things we hadn’t built into our forecast models.

  1. Russia’s invasion of the Ukraine
  2. Inflation continued to climb for far longer than we expected

So, how do things look for the rest of the year? To explain my thinking, it’s important to remember that the bond market and, by implication, mortgage rates hate nothing more than high inflation because when inflation is running hot, it limits demand for bonds which, in turn, forces the interest rate payable on bonds to rise and this pushes mortgage rates higher.

But what’s been fascinating to watch is that over the past couple of weeks, rates have actually been dropping which is certainly counterintuitive given where inflation is today. And the only reason I can see for this is that bond traders were thinking that inflation might be topping out.

But then we got the June CPI numbers, and it certainly didn’t suggest that inflation was slowing, in fact it showed the opposite. But even though the total inflation rate hasn’t yet peaked, I believe that a shift has actually started and that we are closer to a peak in inflation than you may think.

Indicators of Inflation: Consumer Spending

Three line graphs titled "Consumer Price Index," "Inflation Adjusted Consumer Spending," and PCE Price Index. The Consumer Price Index shows year-over-year percentage changes from present day back to January 2021, with two lines showing all items and all items less food and energy. The all items line starts around 1.5% in January 2021, gradually increasing to 9.1% in June 2022, while the all items less food and energy line also starts around 1.5% in January 2021 and undulates to 5.9% in June 2022. The "Inflation Adjusted Consumer Spending" chart shows month-over-month percentage changes from January 2021 to May 2022. The line spikes up and down throughout the first half of 2021, going as high as roughly 4.5% around March 2021 and as low as roughly negative 1.5% in February 2021. The line stabilizes for the remainder of the x-axis, ending at 0.4% in May 2022. The "PCE Price Index" graph shows year-over-year percentage changes from January 2021 to May 2022. The line starts around 1.5% in January 2021, gradually increasing through February 2022 around 5% before tapering to 4.7% in May 2022.

 

The June CPI report showed the headline inflation rate still trending higher but look at the core rate which excludes the volatile food & energy sectors. That has actually been pulling back for the past three months. And consumer spending when adjusted for inflation fell 0.4% in May. That’s the first monthly drop since last December, and I expect the June number when it comes out at the end of the month to show spending dropping even further.

This is a very important dataset that often gets overlooked but it is starting to tell me that the economy is slowing because of inflation and slower spending acts as a headwind to further price increases.

The core PCE price index is up 4.7% year-over-year, but this was the smallest annual increase since last November and you can see that it is also starting to roll over. This index is actually the Fed’s favored measure of inflation as it’s more comprehensive that the CPI number as it measures the change in spending for all consumers, not just urban households.

Indicators of Inflation: 5-Year Breakevens and Producer Price Index

Two line graphs titled "5-Year Inflation Breakevens" and "Producer Price Index." The breakevens graph shows percentage changes from January 2022 to July 2022, starting at 3.0% in January 2022, increasing to 3.59% in March 2022, before gradually decreasing to 2.50% in July 2022. The "Producer Price Index" graph shows year-over-year percentage changes from January 2020 to May 2022, with two lines showing Total PPI and Core PPI. Both lines gradually increase along the x-axis, peaking around March 2022. Total PPI increases from 2.0% from 10.8 in May 2022, while core PPI increases from 1.6% to 8.3% over the same time period.

 

The five-year “inflation breakeven” has plunged more than a full percentage point since peaking at just under 3.6% in late March. And this number is important as it lets us know where bond traders expect the average inflation rate to be over the next five years.

The Producer Price Index measures inflation at the wholesale, not retail, level and even though the total rate rose as energy costs continue to impact the manufacturing sector, the core rate has been pulling back for the past three months. Now let’s look at some commodity prices and see what’s going on there.

Selected Commodity Prices: Natural Gas, Copper, Soybeans, Wheat

Four line graphs titled "Natural Gas Prices," "Copper Prices," "Soybean Prices," and "Wheat Prices." Natural Gas, Soybean, and Wheat prices all share a similar trend in that they gradually increase from January 2022 to June 2022 before dropping from June to July 2022. Natural gas prices fell by 34% from June to July 2022, while soybean prices fell 10% and wheat prices fell 27% over that same time period. Copper prices are steady from January 2022 to April 2022, before gradually dropping through April and May, then drastically falling 26% from June to July 2022. In summary, prices of all commodities are falling a significant amount over the past month (June to July 2022).

 

  • The price for natural gas is down over 34% from its recent high
  • Copper prices are down 26% from the recent June peak and down substantially from March
  • Soybean prices are down 10%
  • Despite the war in Ukraine, wheat prices are down 27% from June

Retail Gas Prices: West Coast, West Coast Excluding CA, U.S.

A line graph titled "Retail Gas Prices" with three lines: U.S., West Coast, and West Coast excluding California. All three lines show increases in price per gallon from January 2021 to July 2022. All three lines peak in June 2022. The West Coast gas prices went from roughly three dollars per gallon to $5.68 per gallon in July 2022, the West Coast excluding California line goes from roughly $2.50 per gallon in January 2021 to $5.28 in July 2022, and the U.S. line goes from just below $2.50 per gallon in January 2021 to $4.75 per gallon in July 2022.

 

It appears as if gas prices have also rolled over. Of course, here on the West Coast it’s more expensive than the nation even when you take California out of the equation.

U.S. Treasury Yields: 10-Year and 2-Year Constant

A line graph with two lines showing the U.S. Treasury Yields 10-year constant and 2-year constant from January 2022 to July 2022. The 10-year constant gradually increases over this period of time from 1.5% in January 2022 to 2.99% in July 2022. The 2-year constant gradually increases as well, from roughly 0.75% in January 2022 to 3.07% in July 2022.

 

And finally, to cap things off, traders must also be pondering the same numbers as I am because bond yields themselves have been tumbling at both the long and short ends of the yield curve with the 10-year note still yielding less than 3% even after the CPI report and two-year yields, while still elevated, are still down from 2.42% just two weeks ago.

So, given all the charts we have looked at, I hope that you too are seeing some light at the end of the tunnel when it comes to the likelihood that inflation is about to start easing.

No doubt, the headline inflation number for June wasn’t one that anyone wanted to see but, if the trends we have looked at continue, I still expect inflation to start slowly creeping lower, which will push bond prices higher, yields will start to pause—if not drop—and that will allow mortgage rates to hold at or close to their current levels for the time being. Although we could see rates coming down, though they will still start with a five for the foreseeable future. I hope that you have found my thoughts of interest.

As always, if you have any questions or comments about this particular topic, please do reach out to me but, in the meantime, stay safe out there. I look forward to visiting with you all again next month.

Bye now.


About Matthew Gardner

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Buying July 20, 2022

How to Win a Bidding War When Buying a House

In a seller’s market, many buyers are competing for a limited number of homes. This creates fierce competition amongst buyers and ideal selling conditions for sellers. Sellers will commonly receive multiple offers for their home, often over their original asking price. As the offers stack up, bidding wars will ensue, since only one buyer can ultimately win.

So, how can a buyer rise to the top in these highly competitive situations? First and foremost, it’s important to work closely with your agent to discuss your strategy when buying in a seller’s market. If you find yourself in a bidding war, the following methods may help you secure the home you’re after.

How to Win a Bidding War When Buying a House

Get Pre-Approved for a Loan

Not only is getting pre-approved for a mortgage an important step early on in the buying process, but it’s also a prerequisite for having your offer considered in a bidding war. Without pre-approval, your offer is likely to fall to the bottom of the stack of offers the seller is considering if not tossed aside entirely. Pre-approval gives you credibility as a buyer. It shows that, should your offer be accepted, you have the necessary financing in place to successfully purchase the home. This assurance is key to sellers prioritizing your offer. Pre-approval also helps to speed up the closing process, allowing you to move swiftly through mortgage approval and onto other steps to finalize the transaction, such as the home appraisal and home inspection.

Put More Money Down or Pay Cash

Putting more money down on your offer is one way to differentiate yourself during a bidding war. This may be just what sellers are looking for to put one offer over the top of the others. If you’re able to make an all-cash offer—meaning you have the funds available to purchase the house in a liquid account—you stand to seriously strengthen your candidacy. Because an all-cash buyer can make the purchase without having to go through the process of securing a home loan, it streamlines the buying process, reduces risk, and may persuade the seller to select their offer.

Be Flexible About the Inspection and Your Contingencies

In highly competitive markets, buyers are more likely to waive contingencies to sweeten their offer. So, if you find yourself in a bidding war, you may have to consider doing so to keep up with your competition. If you’re buying and selling a home at the same time, know that making an offer contingent upon the sale of your current home—what is known as a “sale contingency”—won’t be as appealing to sellers during a bidding war, since other buyers will likely be waiving contingencies left and right.

When it comes to the inspection, being lenient can give you a leg up on your fellow bidding war buyers, but it can open you up to added risk as well. Waiving the inspection requirement entirely is an even riskier proposition, as you could end up purchasing a home that needs serious repairs that may not be evident at first glance. When forming your offer strategy with your agent, take time to discuss how you’re willing to modify your inspection requirements.

 

A woman signs a real estate contract on her coffee table at home

Image Source: Getty Images – Image Credit: inta_photos

 

Escalation Clause

Imagine an auction where multiple buyers are going back and forth, upping each other’s offers. The auctioneer accepts each new price, only for it to be surpassed by the next offer that comes flying in seconds later. This is the essence of an escalation clause in real estate. This clause states that if the seller gets a higher offer, the buyer will raise theirs. The specifics of this clause will spell out how much the buyer is willing to go over the higher bid, as well as their price limit. Including an escalation clause in your offer shows you’re willing to participate in the bidding war, so it’s important to understand what you’re signing up for beforehand. In highly competitive markets, escalation clauses can lead to homes selling for significantly higher than their listing price.

Closing Date Flexibility

Showing that you’re flexible when it comes to the closing date may help put your offer over the top. Remember that the best offer for a seller isn’t just about the price; it’s about which offer removes risk and aligns with their goals. For example, let’s say the seller is in a pinch trying to find a new home. If another buyer’s offer comes in higher than yours, but they are rigid when it comes to the closing date and you’re willing to give the seller more time to find their new home, the seller very well may choose your offer, simply because it works better for them.

Appraisal Gap Guarantee

Sometimes there can be a gap between a home’s appraised value and its purchase price. Many real estate contracts will contain an appraisal contingency, which states that the buyer can back out of the contract. In these situations, an appraisal gap guarantee may be helpful in making your offer stand out. Including an appraisal gap guarantee means that, if there is a gap between the appraised value and the price of the home, the buyer will cover the difference.

 

For more information on understanding competitive markets and what they mean for both buyers and sellers, read our blog on seller’s markets:

What is a Seller’s Market?

 


Featured Image Source: Getty Images – Image Credit: aldomurillo

Living July 18, 2022

9 Summer DIY Projects

When home-project lists pile up, it can leave some homeowners feeling overwhelmed by their to-dos. One helpful strategy is to prioritize your projects by season. The following list of simple and cost-effective summer projects will help make the most of your summer at home while preparing for the seasons ahead.

9 Summer DIY Projects

1. Organize a Garage/Yard Sale

No summer project list would be complete without a task to sift through your home’s clutter and organize a garage or yard sale. While you’re compiling items to be sold, identify which items can be donated to declutter your home most effectively.

2. Upgrade Your Front Porch

 Your home’s front porch can make a lasting impression. Make a statement with a boldly colored front door, look for stylish house numbers, and add classic front porch elements like a sitting bench or swing for ultimate comfort.

3. Fix Up Your Fence

Whether your fence needs a simple wash, a new sealant or stain, or structural repair, summer is high time to get this work done and extend the life of your fence. Power washers are a helpful tool in getting your fence clean before re-staining. Let the fence dry for one to two days before applying the stain.

4. Build a Firewood Shed

It’s best to prepare for winter ahead of time. In summer, conditions are perfect to build a firewood shed to keep your firewood dry throughout the fall and winter. Build a simple enclosure with an open front. This lets air pass through easily, drying the wood quickly.

5. Repaint Kitchen Cabinets

A fitting summer project in the kitchen, repainting your cabinets brings new life into the space without the hefty price tag of a full-scale renovation. For a complete refresh, repaint the hardware too, or replace them to match the new cabinet color. These Simple Kitchen Makeover Ideas can make a noticeable difference in the heart of your home.

 

Father and son build a firewood shed in the backyard

Image Source: Getty Images – Image Credit: JulPo

 

6. Exterior Painting

Giving the outside of your home a fresh coat of paint does wonders for its curb appeal. Summer is a great time to get outside and paint, as the chances for rain are lower than other seasons. Although an exterior paint job is DIY-eligible, it can be a time-consuming task that some homeowners may not have the bandwidth to complete. If you need to hire a professional to handle the exterior repainting, consider focusing your DIY painting efforts elsewhere (trim, fencing, indoors).

7. Build a Fire Pit

A new fire pit may be just what your backyard needs to maximize your summer at home. Common fire pit materials include brick, stone, and cinder blocks. Outline your fire pit before you start digging. Once the hole is dug six to eight inches deep, fill in the hole with gravel until it is level with the ground. Choose your materials, fix the stones into the ground, compact them together, and enjoy nights by the fire under the stars. Check for local digging regulations and burn bans.

8. Install a Window Air Conditioner

Depending on your local climate, the hottest time of year is either already here or fast approaching. Install a window AC unit to enjoy the time you spend indoors comfortably. Installation is typically a two-person job, so be sure to have help ready when it comes time to install.

9. Insulate Your Basement/Crawl Space

Although not the most glamorous of all summer projects, taking time to insulate your basement or crawl space during summer will pay off come winter. Because it may take multiple trips to properly install the insulation, the summer weather makes for more ideal conditions to accomplish the task.

 

For more helpful info on home improvement DIY projects you can accomplish this summer, check out these 5 Design Projects to Improve Your Backyard.

 


Featured Image Source: Getty Images – Image Credit: sanjeri

More July 15, 2022

Windermere Foundation Surpasses $1.5 Million Raised in 2022

After setting a goal to reach $50 million in total donations in honor of Windermere’s 50th anniversary, the Windermere Foundation is getting closer to reaching that goal thanks to the $1.5 million that has been raised so far this year. After ending last year with a grand total of over $46 million in donations, that leaves roughly $2.5 million to hit our goal by the end of 2022. Here are some recent examples of how our offices have been raising money and helping low-income and homeless families in their communities via the Windermere Foundation.

Windermere Wedgwood

The Windermere Wedgwood office was inspired to support Lutheran Community Services—a local response organization helping refugees to find stability in the Pacific Northwest—after learning that they needed help raising money to support incoming families of Afghan refugees. After discussing the situation with Windermere Foundation Representatives from the Northgate, Sand Point, Madison Park, Eastlake, and Ballard offices, they got to work spreading the news and gathering donations. Support poured in, and when a check for $15,125 was presented to LCS, there were tears of joy.

Windermere Coast Offices

For the past ten years, the Windermere Coast offices of Gearhart and Cannon Beach, Oregon have participated in the Autism Society of Oregon – Clatsop Chapter’s 5k race/fundraising event “Color the Coast for Autism” as a way to support families with children on the autism spectrum. This year not only did the offices participate and donate $1,000, but they placed well in the race, too! Agent Katy Walstra Smith came in first place for the 5k relay, with two other agents placing inside the top 20.

 

Agents from the Windermere Oregon Coast Offices and reps from the Autism Society of Oregon Clatsop County Chapter hold up a donation check for one thousand dollars

Pictured L to R: Dennis O’Reilly, Cynthia O’Reilly, Katy Walstra Smith, Pam Ackley, Tobi Rates, and Brandi Lindstrom – Image Source: Pam Ackley

 

Windermere West Campus

Observed in April, Sexual Assault Awareness Month (SAAM) is an annual campaign to raise public awareness about sexual assault and educate communities and individuals on how to prevent sexual violence. Windermere West Campus of Federal Way, Washington directed their recent Windermere Foundation efforts toward supporting the King County Sexual Assault Resource Center by donating $1,500 to support the center’s family service programs.

Windermere Bozeman-Downtown

The Windermere Bozeman-Downtown office continues to support and spread goodwill throughout the Bozeman community. In April, they hosted a Windermere Week of Giving for five local organizations that resulted in $1,000 donations to each.

Their donation to Thrive will go toward hiring mentors for two children for an entire school year. The funds allocated to Eagle Mount paid for some of the production costs for their largest annual fundraiser, which the Bozeman staff helped put on during Community Service Day 2022. Their donation to Haven will be used to provide resources to victims of domestic and/or sexual abuse. Family Promise plans to use the funds to support families experiencing homelessness in Gallatin County. And the donations to HRDC will go toward the establishment of a new facility to provide resources and solutions to people experiencing poverty in the area.

 

Three agents from Windermere Bozeman and two reps from Eagle Mount hold up a donation check for one thousand dollars

Pictured L to R: Aidan Young, Kelly Martin, Mike Stem, Andrew Flakker, Natalie McDonald – Image Source: Natalie McDonald

 

Three agents from Windermere Bozeman and a rep from Haven hold up a donation check for one thousand dollars

Pictured L to R: Kim Stevens, Erica Coyle, Kevin Schwartz, Bobby Goodman

 

Windermere Mercer Island 

Every year, the Windermere Mercer Island office hosts a shredding event which draws crowds of clients and community members alike. This year, they hired a local shredding company to bring a truck to the office parking lot and invited the community to safely and securely shred their old documents while getting a chance to meet some of their fellow community members. The event also served as a platform to collect donations for and raise awareness about the Windermere Foundation’s 50 in 50 campaign.

Windermere Walla Walla

In May, Windermere Walla Walla held a cartoon-themed bowling night to raise money for the local YWCA, the Christian Aid Center, and Children’s Home Society. Agents, staff, and community members came dressed as cartoon characters of all kinds, which made for a colorful and lively scene at the local bowling alley. All in all, Walla Walla collected a whopping $10,000 to support the YWCA’s resources for local women in need, the Children’s Home Society’s child and family counseling, and the Christian Aid Center’s efforts to provide emergency shelter for the Walla Walla homeless population. 

 

Two adult men dressed as cartoon characters for a bowling fundraiser event

From left: Casey Waddell & Toby Swank

 

To learn more about the Windermere Foundation, visit windermerefoundation.com. To help support programs in your community, click the donate button below.

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Selling July 13, 2022

High ROI Remodeling Projects to Increase Home Value


This blog post contains excerpts of the “Remodeling 2022 Cost vs. Value Report” (costvsvalue.com).1


As you prepare to sell your home, one of the major considerations you may face is whether to remodel, and if so, how to allocate your remodeling budget. Remodeling can help differentiate your home from competing listings in your area, but this competitive advantage comes at a price.

The following information provides insight on which remodeling projects deliver high ROI. To maximize the value of your remodel, talk to your agent about what buyers in your area are looking for and align your efforts accordingly.

High ROI Remodeling Projects to Increase Home Value

It’s no secret that buyers want to see a home with curb appeal and attractive interior spaces. But as a seller, you’ll only have so much budget to work with and you want to get the most return on your investment. As laid out below, here are the five highest ROI remodeling projects nationwide as found in the Remodeling 2022 Cost vs. Value Report (www.costvsvalue.com).1


 

Remodeling Project

Cost of Remodeling Project (2022)

Resale Value of Remodeling Project (2022)

ROI

Garage Door Replacement

$4,041

$3,769

93.3%

Manufactured Stone Veneer

$11,066

$10,109

91.4%

Minor Kitchen Remodel (Midrange)

$28,279

$20,125

71.2%

Siding Replacement (Fiber – Cement)

$22,093

$15,090

68.3%

Window Replacement (Vinyl)

$20,482

$13,822

67.5%

 


This data shows that for a given remodeling project a higher expenditure doesn’t necessarily equate to higher ROI. It’s interesting to note that only one indoor project—the minor kitchen remodel—placed in the Cost vs. Value Report’s top five.

Four of the Cost vs. Value Report’s bottom six entries are upscale remodeling projects, all with roughly a 50% average return on investment. The conclusion to be drawn here is that remodels of this magnitude are expensive and should be considered carefully before you greenlight them. The upside to these projects, though, is that they have a much higher resale value than a simple fresh coat of paint or a change in décor. If you and your agent identify a logical upscale remodel with serious resale potential whose costs you can handle, it can help you get the best price for your home.

So, does this mean you should replace your garage door before selling your home bar none? Not necessarily. Again, your remodeling priority list should target the areas of your home that need attention while aligning with local buyer interest. Your agent can provide guidance on what competing listings in your area are offering and refer you to trusted remodeling contractors in your area.

 

Remodeled contemporary kitchen with white cabinets and hardwood floors

Image Source: Getty Images – Image Credit: YinYang

 

Budget-Friendly ROI Home Projects

Though smaller scale home makeovers don’t have the value-adding power of larger remodeling projects, they can still make a difference when selling your home.

Instead of an upscale kitchen remodel, you can focus more on making minor improvements in several areas. For example, repainting or refinishing your cabinets, swapping out your drawer pulls and hardware, and installing new appliances can make your kitchen feel brand new with a smaller budget. When remodeling your bathroom, tasks like refinishing your tub, installing new lighting, and a new backsplash can make a strong impression on buyers.

For more information on budget-friendly home makeovers with ROI potential, check out our quick guides to upgrading your bathrooms, bedrooms, home office, and kitchen.


  1. © 2022 Zonda Media, a Delaware Corporation. Complete data from the Remodeling 2022 Cost vs. Value Report can be downloaded free at costvsvalue.com.
Design July 11, 2022

What is Mid-Century Modern Architecture?

The mid-century modern movement’s impact on design reaches far and wide. Whether it’s graphic design, architecture, interior design, product development or elsewhere, we see traces of its influence in countless aspects of everyday life today. Mid-century modern homes are known for their signature look and stylistic appeal. Here’s a short guide to understanding the characteristics behind mid-century modern architecture.

Mid-Century Modern Design

Yes, mid-century modern interior design and mid-century modern architecture are two separate things. The interior design style emphasizes clean lines and minimal decoration, the use of natural elements as accents, and a base of neutral colors for decorating. MCM interior design can exist in any type of home regardless of its architectural style, and is often a popular source of inspiration for decorators fond of vintage elements and popular mid-century furniture pieces such as credenzas, teak desks, Eames chairs, etc.

What is Mid-Century Modern Architecture?

Mid-century modern architecture is the exterior counterpart of its interior design branch. Fueled by a massive need for suburban homes throughout the Unites States in the post-World War II era, the stage was set for mid-century modern’s introduction to the masses. Some of the greatest minds in modern architectural history helped develop and proliferate its presence in society, including Ludwig Mies van der Rohe and Frank Lloyd Wright. Though you’ll find unique variations within mid-century modern, there are certain tenets of the architectural style.

  • Mid-century modern homes have flat roofs with straight lines. This clean geometric approach in roof design is part of a larger philosophical ideal that these homes should blend in with their outdoor environments, thereby working in harmony with nature.
  • Glass is used heavily, and floor-to-ceiling windows are a common feature, especially in the living room.
  • The minimalist approach to exterior design is showcased in the easy access to outdoor spaces and the fact that mid-century modern homes are often one-story buildings.
  • The open spaces created by this architectural style allow for intentional decorating and the use of color splashes to bring energy into them. Mid-century modern interiors often incorporate vibrant, warm colors on top of a calmer, neutral foundation.

 

For more information on home design, read our guide to industrial design:

What is Industrial Design?

Buying July 8, 2022

The Difference Between a Real Estate Agent and a Mortgage Broker

Throughout the course of buying a home, you’ll work with a variety of professionals, all with specific training to help you through each stage of the process. With such a cast of specialists around you, it’s helpful to know everyone’s responsibilities and which questions to ask whom. One important distinction to be made is the difference between your real estate agent and your mortgage broker. The following information is a guide to understanding where they differ and how each of them helps you to buy a home.

Real Estate Agent vs. Mortgage Broker

Both real estate agents and mortgage brokers are licensed professionals who play a pivotal role in the home buying process by bringing parties together to get a deal done. However, that’s about where the similarities end.

Real Estate Agent

Your real estate agent will represent you throughout the buying process. Their access to the Multiple Listing Service (MLS) allows them to search the widest network of available homes to find the ones that match your budget and criteria. They’ll also receive alerts on open houses and are usually the first to know when new listings hit the market.

Once you’ve identified a home you’d like to pursue, they’ll assist you in putting together your offer, negotiating with the listing agent representing the seller, and guide you through the counteroffer process (should there be one). Once the seller accepts your offer, your agent will help you negotiate any final repair requests found in the home inspection and assist you through closing until you’ve received the keys to your new home.

The point is: your agent will be with you throughout your home buying journey, from start to finish. They are an invaluable resource for local market knowledge and real estate expertise. Though they will not execute the financial aspects of a home purchase for you, (that’s where your mortgage broker comes in), they can recommend trusted lenders with whom you can apply for and secure a home loan.

For more information on working with an agent, visit our Home Buying Guide:

 

Mortgage Broker

Mortgage brokers work on the financial side of a real estate transaction, representing buyers to find them favorable mortgage terms when shopping for a home loan. They connect borrowers to lenders by researching the various fees and rates associated with obtaining a mortgage, accessing the buyer’s financial creditworthiness, and coordinating paperwork. Mortgage brokers are not responsible for loaning any money. Once they’ve found the right lender and loan product for their client, they hand the baton to the lender, who will then disburse the funds at the appropriate time.

Working with a mortgage broker can save you time and money. In some cases, they may be able to get the lender to waive certain fees and are experts at finding the best deal for their clients among a vast array of loans and lenders. Mortgage brokers are instrumental in getting your financing for your home purchase secured and provide guidance on which loan products may work best for you.

For more on the financial aspects of a home purchase, read the following:

 

Two women discussing the terms of a mortgage application

Image Source: Getty Images – Image Credit: kate_sept2004

 

Questions to Ask Your Real Estate Agent and Mortgage Broker

Now that you know a bit more about the respective responsibilities of real estate agents and mortgage brokers, here are a few common questions to ask when conducting interviews: 

Real Estate Agent

Mortgage Broker

  • How do you help buyers to make their offer stand out?
  • What is the required down payment for this loan?
  • What’s the difference between fixed-rate and adjustable-rate mortgages?
  • How many clients are you working with currently?
  • Which costs are attached to this loan?
  • What is the best way to contact you?
  • How high does my credit score need to be?
  • How long have you been an agent in the local market?
  • What is the interest rate for this loan?
  • Do you represent both buyers and sellers?
  • Do you have recommendations for mortgage brokers, home inspectors, etc.?
  • Is there a prepayment penalty?

 


To connect with an experienced, local Windermere agent, click the button below: