Real Estate Update – March 2022

Real Estate Update – March 2022

Comment followed by Real Estate Analysis………

Hello Neighbors!  Are you feeling Spring in the air?  How exciting.
Mortgage rates have risen to 4% and more but they are still wonderful. I can remember when they were 18% and I know some of you do also. We are seeing slightly more listings but the market continues to be crazy with lack of needed inventory. However, we  see more locals starting to search and renting or selling their property to capture some of this inflation.
Our neighborhood and Stonebrook behind us are are selling around $220 per square foot, even for the original built homes in these subdivisions. Fed Chair Jerome Powell told Congress he expects home prices to grow more slowly as the fed funds rate rises, pulling mortgage rates with it, but “we’re not trying to get prices back down, we’re trying to limit future prices.” Home building remains to be up.
Notice new build 2021 Blackstone Drive Lot 25 went up $10,000 in price for almost 3000 sq ft.
I would love to help you, your families, and your children with any real estate needs putting your desires as my number one priority. Please call me at Parks Lakeside 615-824-5920 and my cell 615-390-0927. I would be honored to help.
Blessings,
Eileen Alexander, Realtor