REAL ESTATE RESOURCE: COASTAL ASSOCIATION OF REALTORS /OCEAN CITY TODAY
PAGE 8
EARLY-JUNE 2022
Inflation, mortgage rates slowing economy Continued from page 5 sector’s direction over the coming months. “Housing kept the economy afloat as home prices rose and buyer demand intensified,” Yun told 9,000 Realtors and industry experts in attendance at the 2022 Realtors Legislative Meetings during the event’s Residential Economic Issues and Trends Forum. “However, this year has already thrown some curveballs, including record-low inventory and unyielding inflation.” While housing supply appears to
be on the upswing as builders increasingly construct new homes, Yun says inflation will persist and in turn cause strain for would-be buyers. Additionally, other external economic factors will negatively impact the market, both indirectly and directly, he said. “The Russia-Ukraine war and escalating fuel prices have contributed to further housing unaffordability for buyers.” Yun explained that a more immediate impact for home seekers has been the rapid increase of mortgage rates, along with other anti-inflation-
ary actions from the Federal Reserve. “Mortgages now compared to just a few months ago are costing more money for home buyers,” he said. “For a median-priced home, the price difference is $300 to $400 more per month, which is a hefty toll for a working family.” NAR calculates purchasing a home is now 55 percent more expensive than a year ago. These rising mortgage rates and prices hurt affordability, and although wages are improving, Yun says they are “wiped away” due to inflation.
“Wages have risen by 6 percent from one year ago and that’s good news,” he continued. “But inflation is at 8. percent.” He estimates inflation will remain elevated for the next several months and that the market will see further monetary policy tightening through a series of rate hikes. Citing a five-month decline in pending home sales, as well as a drop in newly constructed single-family sales, Yun predicts the higher mortgage rates will slow the housing market.
LONG & FOSTER REAL ESTATE, INC. 11701 Coastal Hwy | Ocean City Square Shopping Center | 410-524-1700
WE HAVE BUYERS IF YOU WISH TO SELL GIVE US A CALL TODAY! SOLD
SOLD
38841 TYLER AVE SELBYVILLE, DE
KAREN RUSSO CELL: 410-262-7320
Waterfront 4BR/3.5 BA Stucco Colonial w/5 Decks & One Car Attached Garage in Sought-After Cape Windsor. Stunning features, Bonus Upper-Level Room, Sliding Glass Access to Expansive 30 x 9 Upper-Level Waterfront Deck w/Spectacular Views of The Canal, Bay And Ocean City/Fenwick Skyline. As Well As Upper-Level Master (DESU2008628) Suite, Bedroom 3 w/Sliding Glass Access to Private 14 x 6 Upper Level Balcony. Exterior Of Residence is an Outdoor Waterfront Oasis w/Waterfront Covered Rear Patio 9x27 Composite Deck w/Vinyl Railings, Lower Level 25x28 Composite Sun Deck, Vinyl Fenced Rear Yard, Boat Dock w/Electric Boat Lift, Landscaping, Paver Sidewalk and 8x6 Vinyl Shed to Store Your Boat & Beach Toys All Perfect for Outdoor Entertaining and Waterfront Fun. Furniture Negotiable. HOA Amenities Include Community Pool and Boat Ramp.
$925,000
14 68TH STREET, UNIT 105 OCEAN CITY 2BR/2BA condo in Sea Lodge on ocean block 68th street. Tastefully decorated and furnished. Wood grain ceramic tile plank throughout, open floor, updated kitchen with breakfast bar, upgraded countertops, tile backsplash, recessed lights, stainless steel (MDWO2006196) appliances, double oven, white cabinets with pantry, primary bedroom w/updated bath including shower w/ceramic tile surround, spacious 2nd bedroom with ample room to accommodate several guests and updated full hall bath and hall laundry w/W/D. Centrally located to everything the beaches have to offer including easy access to the route 90 bridge. Ground floor location allows for easy check in, check out and access to beach. A must see!!!
$391,500
Rarely available lot in prime, sought-after location with utilities available. The approximately 50 x 100 lot previously housed a 4 unit building $835,000 (MDWO114874) with some ocean views. Steps from the beach & convenient to many goods & services. All information by the county/city.
PLAZA #713
PLAZA #710
MARY MCCRACKEN CELL: 410-430-7302
PENDING 12902 ASSAWOMAN DRIVE OCEAN CITY
2bed/2bath Direct Oceanfront at 99th St. Master Suite and Living Room with Private Balconies overlooking ocean. Bayfront Bedroom also with $645,000 Private Balcony and Beautiful View. 2 level floor plan offers large space for everyone! Great Rental investment or perfect second home.
3Bed/2Bath Direct Oceanfront at 98th St. North End Condo with Private Bayside Patio and Direct Oceanfront Balcony. Over 1600sq ft of living space with large living room and master suite overlooking the ocean. Second Bedroom has balcony sliders to bayside patio deck with beatiful views of the bay. Premiere Oceanfront Building with Heated Outdoor and Indoo Pool, Kiddie Pool, Tiki Bar/Grill, Hot Tub and Sauna, On-site Management and 24Hr Security, plus Parking for 2 and Beach Storage.
$795,000
SEVERN I #107 Bayfront at 70th St. Gorgeous 3bed/3bath Bayfront Townhome. 2 Boat Slips with deep channel plus Gorgeous Natural Views of Bay and Bird Sanctuary. Custom Renovations with Plank Flooring, Updated Kitchen (granite, backsplash, hardware), Trim and Baths. Huge 12x20 Patio and 10x20 Deck plus Garage, with storage.
$359,000
NEW LISTING
11000 COASTAL HWY UNIT #1005 • OCEAN CITY
TOM NIEMKIEWICZ CELL: 410-603-2136
Southside unit w/fantastic views of the beach, the bay, and the city lights from the living area and both bedrooms. 2BR/2BA 1,090 s/f unit comes fully furnished and beautifully maintained. Oceanfront building w/easy access to beach, sundeck, $485,000 large heated indoor pool, exercise room, tennis court, library, (MDWO2007296) sauna, and game room. A private storage locker is available on the ground floor for all your sandy beach chairs and toys. The building has 3 elevators and on-site security. Close to shopping, entertainment, and restaurants.
Join Our Team At Long & Foster Ocean City! Stan Zaremba Branch Manager 410-520-2707 • Stan.Zaremba@LNF.com
Please call or email me for a confidential Conversation on joining our team:
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