Yakima Real Estate Pro Calls Market Unpredictable

After years of increases and growth the Yakima real estate market is now described by a local real estate professional as an irrational and unpredictable market at least in the short term. Cory Bemis, owner of Yakima's John L. Scott Real Estate says mortgage rates are making a big impact on the market. 30-year fixed rate mortgages are averaging a 5.44% according to MortgageNewsDaily.com. Bemis says that's 0.20% lower than one month ago, and 2.36% higher than one year ago.

Rising interest rates are causing a market that's unpredictable

Bemis says the sharp rise in interest rates over the past two months "has created an irrational and unpredictable market in the short term. The typical patterns that we see in the Spring and Summer market aren't patterns at all this year. Some areas of the market are experiencing bidding wars fiercer than ever, while other areas of the market are seeing very few offers with longer days on market. Once the shock of higher interest rates wears off, we should experience a return to normalcy from the perspective of how the different areas of our market correlate with one another"

Despite the challenges in the economy people are still in the market

Despite growing mortgage rates the market is still seeing a lot of growth. He says the current median home sales price has increased from $305,000 last year to $345,000 this year which is a 13.1.% increase over 2021.
192 homes sold in May of this year representing a 3.8% increase from the 185 homes that sold in May of last year. So far this year, all total 823 homes have sold which is a 13.4% increase over last year.

Are you thinking of moving this summer or fall?

Are you in the market for a new home? When is the best time to move? Officials at moving.com say "the best months to move are November and December.This is when moving companies are the slowest, as kids are in school and most people don't want to move during the holidays. Avoid the summer months, as those are the most expensive times to move."

LOOK: Here are the 50 best beach towns in America

Every beach town has its share of pluses and minuses, which got us thinking about what makes a beach town the best one to live in. To find out, Stacker consulted data from WalletHub, released June 17, 2020, that compares U.S. beach towns. Ratings are based on six categories: affordability, weather, safety, economy, education and health, and quality of life. The cities ranged in population from 10,000 to 150,000, but they had to have at least one local beach listed on TripAdvisor. Read the full methodology here. From those rankings, we selected the top 50. Readers who live in California and Florida will be unsurprised to learn that many of towns featured here are in one of those two states.

Keep reading to see if your favorite beach town made the cut.

LOOK: Here is the richest town in each state

Just saying the names of these towns immediately conjures up images of grand mansions, luxury cars, and ritzy restaurants. Read on to see which town in your home state took the title of the richest location and which place had the highest median income in the country. Who knows—your hometown might even be on this list.