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JUST AN OLD MAN TALKING.
Id like to see the results broken down a bit more. Sounds like speculators and first time buyers could be cooling off. Middle to upper income buyers are stablizing the median price market while buyers who were spoiled by low interest rates are also shying away.
Z generation may be determining apartment life and vacations is a better culture. I wonder how this trend may affect birth rate.
JUST AN OLD MAN TALKING.
Id like to see the statistics broken down a bit more. Sounds like speculators and first time buyers could be cooling off. Middle to upper income buyers are keeping the median price market stable. Buyers, spoiled by low interest rates are also shying away.
Z generation may be determining apartment life and vacations is a better culture than mowing lawn. I wonder if this trend may affect birth rate.
“Buyers, spoiled by low interest rates are also shying away.” – So many people became unqualified in a matter of months. Great time to buy if you stomach the higher rates and have $$$. Probably won’t last long though. I suspect a frenzy if/when the Fed pivot occurs, rates dip, or lenders loosen requirements.
Unfortunately, rates will continue to increase thru all of 2023. The earliest you will see any change downward will be 2024 and more likely 2025 (dependent on multiple factors). The mortgage bankers see rates staying in the current bandwidth for years to come. There will be flexible options to refinance at lower rates maybe once at little to no cost by your mortgage company to incentivize buyers to buy during higher rates (maybe selectively).