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Not enough homes available. Some prices going up and some down. If the sellers really want to sell those prices my drop but in many areas they are still going up due to lack of homes for sale.
Anybody have a link that discusses home owners insurance costs? Ours went up 40%.
Dave, shop around. Our went up a little bit but not 40%. It seems like the Florida insurance nightmare is spreading to other states. I read about 14 companies have closed up shop down there.
It’s the mortgage rates.
The rapid shock rise in mortgage rates puts severe pressure on home buyers and sellers, now it’s at ~7%, up from ~5% a year ago and ~3% two years ago. Most can’t afford adding that 40% to 120% paid in interest, so it prices a ton of people out of the market. Anyone who wanted to sell and move can’t afford to find a new place, unless they’re going to severely downsize or can buy in cash.