FINE NEST JULY 2022 NEWSLETTER

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□ Do Not Disturb □️ Hello, is anyone reading this? Summer fever seems to be taking over with July being the month where everyone checks out. Vacation auto emails are increasing in capacity, summer camps are in full swing, and chillaxing is the only thing on the weekend agenda. While everyone is off enjoying themselves outside or cooling off in the AC, Fine Nest has been hard at work monitoring the market changes and keeping an eye out for fun summer events to take part in! Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market.    The Latest News July Market Metrics Report   Interest Rates and Past Recessions In late June, the Federal Reserve announced yet another interest rate increase. As many may know, interest rates are typically increased to circumvent ballooning inflation like what we're currently experiencing in the US. Historically, interest rate increases have also been omens for future recessions. According to The Wall Street Journal, three-quarters of global CEO's are saying we are either in a recession or will be in one within the next 12 to 18 months. While the verdict is still out on whether or not the US is truly headed for a recession, mortgage experts from Keeping Current Matters (KCM) have taken the time to compare past mortgage rates to past recessions. Taking recession data as far back as the 1980's, KCM's graphic shows peak interest rates at the beginning of past recessions and the final interest rates when the recessions ended. Using the 2001 and 2007-2008 recessions as an example, we can see the interest rates at the beginning of these recessions was above or around today's interest rates currently hovering at 6%. Although the 2020 recession saw the lowest interest rates in over 50 years, the good times, unfortunately, never last forever. It's important to note here that interest rate hikes during inflation typically lead to reduced interest rates during a recession. However, recession does NOT always equal housing crisis. Simply put, the current market is likely shifting back to what it was before the COVID-19 pandemic. To get an in depth explanation as to why recession ≠ housing crisis, watch this informational KCM video HERE. For buyers currently searching for a home, rate changes are likely going to be part of the next Federal Reserve's meeting in late July. It's still a hard pill to swallow each time the interest rates increase, but we hope this information is a helpful comparison for how today's market still aligns with previous decades. Rent Rate Hikes  Rental rate hikes are making headlines once again with the nations average monthly rent now surpassing $2,000/month, according to Redfin. As if rentals weren't hard enough to lock in, more and more people are finding themselves unable to afford rent. Stated in a CBS news coverage, those who can afford rent are up against wait lists and competition from other renters. Some states are even seeing rallies of renters joining together to ask their state's to pass legislations for rent stabilization as more and more people struggle to make ends meet. Time will tell what the long term effects of unaffordable rent will evolve into, but one thing is for sure, a solution is nowhere in sight.  Farmers Markets If you haven't gone to your local farmers market this summer, you're missing out! Local, fresh produce is just a short drive away on most summer weekends in many parts of NOVA and MD. Seize the day by visiting one soon because fall will be here before you know it! Virginia Farmers Markets Maryland Farmers Markets Outdoor Concerts Near You For all you music fans out there, there are numerous paid and FREE outdoor concerts taking place across NOVA and MD. Check them out before summers end! NOVA Outdoor Concerts MD Outdoor Concerts July is For Outdoor Lovers July is peak season for many outdoor activities & events. Fine Nest has compiled a few unique places for you to consider in your summer itinerary. Peach Daze Fuzztival Bluemont, VA Enjoy picking peaches, baked goods, fresh coffee and more at this multi farm collaboration festival! August 6 & 7 and  13 & 14 Buy Tickets HERE Movies on the Beach in MD Ocean City, MD June-August Take your Ocean City getaway to the next level by enjoying some family time watching movies on the beach! Full Movie Itinerary HERE County Fairs Multiple Locations  MD County Fair List HERE VA County Fair List HERE 81st National Folk Festival Salisbury, MD August 26-28 Event Details HERE view this email in your browser Copyright © *|CURRENT_YEAR|* *|LIST:COMPANY|*, All rights reserved. *|IFNOT:ARCHIVE_PAGE|* *|LIST:DESCRIPTION|* *|END:IF|* Our mailing address is: Kelly Martinez of Coldwell Banker Realty 2070 Chain Bridge Road, Suite 103, Vienna VA 22182 Want to change how you receive these emails? You can update your preferences or unsubscribe from this list. *|IF:REWARDS|* *|HTML:REWARDS|* *|END:IF|*