Completely agree.
Those with stable jobs during the last year have excess savings and recently paid down debt. With WFH, young families are seeing reasons more reasons to buy a suburban SFH vs a smaller condo or near the city center.
Those who bought in the last 5-10 years, and may have been looking to cash in and move under normal circumstances, probably have less reasons with ability to refi at much lower rates and after a years worth of home renovations.
Between the rising bank accounts of those who’ve managed to keep stability, and low supply from those who would normally sell, I don’t see how or why housing prices decrease anytime soon. Rising interest rates may price some people out, but it also could motivate others to move faster before they rise even further.
I don’t see the people looking now suddenly giving up and opting out of the housing market.
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