Summary:
How much further are rate increases going to go, and what effect is this phenomenon having on housing? Mortgage expert Debbie Bloyd comes on the show to talk about this topic, and amidst the shifting conditions of the market, she is still seeing many successful closings and business growth. The market has become a bit more tame, which means that we can expect to return to a pace that we’re used to. The current circumstances have caused buyers to re-evaluate what they can buy, however, with many being less qualified to afford higher priced homes. Tune in for more information.
Highlights:
-Rates are up and going higher
-When Jerome Powell speaks, markets listen, and markets take notice of the rate increases as well
-How much further is it going to go, and what effect is it having on housing now
-There is a lot of movement still out there, despite rates bouncing around
-The market is more tame now, and we’re probably going to return to a pace that we’re used to
-Less people are qualified to afford the homes they want, and people are changing what they can buy
-We’re seeing exoduses out of certain states
-The building of a house is going to take six months to a year and a half now; we still have shortages of labor, but we’re gradually gaining the surplus back
-Demand is high at the moment, and people are waiting for prices to come down—which is not going to happen any time soon
-It’s important to be able to make adjustments and buy what you can afford
Useful Links:
Financial Survival Network
DLB Mortgage Services
