As the spring home-buying season approaches, there are signs that buying and selling activity in the market may not fully bloom.
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onto Best Real Estate & Insights March 16, 2024 9:18 AM
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Essentially, all of the 2023 headwinds remain and the real estate market is a mess. Elevated mortgage rates, out-of-reach home prices and record-low housing stock continue to make for a perfect unaffordability market. Why is the inventory so low? Sellers with low interest rates need to be in a serious “have to sell” situation. They don’t want to be subjected to the high mortgage interest rates to buy another home. Earlier when the new year rolled in, predictions professed improvement in the real estate market. However, buyers sit on the fence waiting for interest rates to come down. The crystal ball is hazy and honestly no one really knows when the real estate market will improve!
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