from Kerry Lutz’s Financial Survival Network
Debbie Bloyd notes that interest rates are rising for now, and asks what will the effect be? Buyers haven’t seemed to notice. One a $300k mortgage their payment has gone up $60-70 per month. Buyers need to prepared for higher insurance, taxes, utilities, etc. Texas had their freeze and they’re still trying to get rid of the claims backlog. Many lost power for days. What’s going on in the Real Estate market? Inventory around nation the nation is extremely low. 1 month’s inventory currently. More people are staying put than ever before. Elderly aren’t downsizing. New home-buyers are purchasing larger homes. Out of state buyers snapping up high priced homes. Prices are going up and lots of cash sales happening. New home construction is on the upsurge. There’s wait lists galore. Investing in Real Estate to cash in inflation. People have waited for a good deal. People were waiting for lower mortgage rates. They bet wrong. Now they’re trying to beat higher rates and trying to get more. Over 55 communities are increasing greatly. Lots of golf carts. People over 60 downsizing to these communities. Foreclosures also coming to a head. The moratorium is coming to an end. There’s still a number of homes that are on chopping block. This could see an increase in inventory eventually. It’s all in flux.
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