Real Estate Days on Market?

[Snobdds]

The demand for housing is still present. The ratios lenders use to loan money to people have changed dramatically with raising interest rates. Lenders can't loan out enough money to people now that there are still high housing costs and high lending costs. Their incomes can not support that much borrowing. People are going under contract to only see they can't qualify for enough loans to buy the house in closing.

For the market to get back into equilibrium, either the cost of housing needs to decrease or the cost of lending needs to decrease.

The other problem that is plaguing this market is, lock in low interest rates. All those people that bought starter homes at low interest rates will have a huge hurdle to move on beyond their first house. The price increase and abandoning their low interest rates for higher interest rates are going to lock a lot of people in. It's going to create a stagnant housing market until all these high prices are flushed out.

 

[2manyrocks]

 

[bmg88201]

bmg88201, Valid concerns. Here we get tons of them from the north and I will say the majority I meet are decent people and they are fleeing the liberal areas and their ideas. ​

Yes, you are right. I shouldn’t put everyone from either coast in the same bucket. I have new neighbor from OR that moved here to get their daughter out those schools. They told me they didn’t want her being taught critical race theory and didn’t want a boy dressed like a girl going into the girls school bathroom. And they did say they made a killing selling there and buying here but that wasn’t their motivation to move. They like the schools here and I took them to my church and they like it also.

 

[newbury]

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