30 year fixed 7% (going to 10%) versus 3% adds $1200+ a month to $500,000 loan and people can no longer afford the house. 10% will add $2200 a month. It’s the FED’s goal, kill the housing, kill the jobs to lower inflation which they created by killing dollar’s purchasing power which kills people’s savings (stored in cash). People with ARM will begin to foreclose, wait for it…
Great time to invest in and have rentals.
Seems buyers are very nervous lately.
I’ve had more dead deals the last 3 months than all of 2021.
I am seeing the same, Marc.
Unfortunate but glad to know it’s not just me, I’ve had so many cancellations in the last 4 weeks
The inspections we have been getting are some pretty high-end places. People I suspect that are paying cash or putting down substantial money. Not many first time buyers on FHA loans. Really a bad time to be selling a starter home unless an investor scoops it up.
The net-net result will be an improvement in the life of many families with people investing more in their local neighborhood. When I look back to growing up moving would have been a ludicrous notion, everything old is new again… sit back relax and enjoy the lull.