Not sure how it is in the states, but keeping an eye on this side of the pond, and yeah interest rates are through the litteral roof and i look at house prices in an area, they are either going down from time to time or permanently staying on the market. Some get sold but very few.
In my Canadian market, they are building lots of homes. Many are big, brand new, and listed for 1.2+. Entire streets are just sitting with rows of for sale signs out front. The reason? Only the top 2-3% of income earners qualify for mortgages on these.
Until they drop prices, or interest rates, they won’t going anywhere
Not sure how it is in the states, but keeping an eye on this side of the pond, and yeah interest rates are through the litteral roof and i look at house prices in an area, they are either going down from time to time or permanently staying on the market. Some get sold but very few.
In my Canadian market, they are building lots of homes. Many are big, brand new, and listed for 1.2+. Entire streets are just sitting with rows of for sale signs out front. The reason? Only the top 2-3% of income earners qualify for mortgages on these.
Until they drop prices, or interest rates, they won’t going anywhere