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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I have to admit that I did not predict prices would continue to increase even with the sharp increase in mortgage rates. It makes sense that people don’t want to sell and take on a higher rate now, but I am curious if others honestly saw that coming? Unfortunately, I  didn’t![/quote]

I actually know quite a few people - mostly DINK couples - who sold their homes in 2022 with the intention of rebuying once interest rates went up and expecting prices to soften. They realized good gains on their homes, so they are sitting on a fat stack of cash and renting.

But they are also really anxious - they don't own and prices keep unexpectedly going up. Boomers - with their all-cash purchases - are actually crowding out younger buyers.

My big regret is that we didn't buy a vacation home during COVID at sub-3% interest. We should've picked up a pied-a-terre in NYC when the condo market declined there, or bought something up in New England for summer/winter use. [/quote]

Boomers are not crowding out young buyers in this area.  They are contributing to the problem by either giving their kids cash to buy or make substantial down payments.  Or they will  hold a mortgage at favorable rates.    We are getting beaten out by young buyers with this type of parental help.  [/quote]

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