Latest on House Buying : Not Good
The latest news on the homebuying and selling market isn’t so good. Apparently, the recent news of rising interest rates and higher home prices have definitely cooled off consumer spending on housing as an investment. What does this mean?
It means buyers are waiting around for prices to fall, bidding too low so that they cannot get the houses they want, and there are a heck of a lot of cancellations on homes that were supposed to be sold to would be buyers. All of this adds up to bad news for the homebuyers and sellers market.
The news that used to be good just a month or two ago, where record low interest rates and investment home buyers and speculation which upped prices is now a thing of the past.
The good news, if there is any, is that economists and financial analysts do not expect a complete standstill or crash in the homebuying scene, but they do expect somewhat of a stagnant homebuyer’s market, until interest rates drop again at least.
