Nov 21, 2023
Kerry Lutz interviews Andrew Ragusa, a real estate expert, about the current state of the real estate market. Ragusa explains that the market is still strong despite the weak economy, and that rental properties are producing more income than usual. They discuss the seasonal variations in the real estate market in different regions of the country, and the increase in cash transactions in real estate. They also touch on the topic of cheapy mortgages and how people are reluctant to let go of their houses even if they want to downsize.
Andrew shares his experience of speaking with customers who are worried about the significant increase in monthly mortgage payments, which could be double what they are currently paying. They both agree that people are moving to lower-cost states like Florida due to the high cost of living in New York. Andrew predicts that if interest rates increase, the market may tank, causing prices to lower and foreclosures to increase.
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