Reply to Is it a good time to buy now?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]With rates over 7% it seems impossible for prices to increase over next few years.  Much more likely for prices to drop.[/quote]

I think that higher rates will choke off supply pretty well, keeping prices high.  Who is going sell a house with a mortgage locked in at 3.5% to buy another house at 7-8%?

Demand might just decrease less than supply.[/quote]

People can only delay moving for so long, so the supply will come back.  Demand will not with rates above 7%.[/quote]

But people will only be selling if they inherit a property and want to unload it or in the case of divorce or a job transfer…I doubt we’ll see people trading up much. [/quote]

[b]This is a good time not to use absolutes. [/b] Plenty of people will be buying and selling without inheriting a property, divorce or job transfer.  The boomers in my neighborhood have been selling their houses because the pandemic is over and they can now move onto a retirement home, assisted living, or to be near kids.   The market turns; just not as much as in the last few years.  [/quote]

+1 Life goes on for many reasons. I'm amazed at the posters who think that a low rate = never selling. Sure, it could mean keeping your 2,500 sq ft home in a great school district instead of buying the 3,500 sq ft one down the street, but there are lots of other reasons that people sell.[/quote]

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