Mortgage rates continue to weaken the housing market
Mortgage rates have surpassed 7% and it is weakening the real estate market even more. There is talk of it possibly breaking the 8% mark - hopefully not.
Here are some key takeaways from this video:
- Interest rates over 7%
- 63% of homes have mortgages. So 37% own their home free and clear
- 60% of the country has mortgage rate of 4% or under
- Last time inflation was this high was 1981 (10%)- Mortgage rate 18% so 7% doesn't sound so bad compared to that
- Single family home absorption rate is only 35% now. 2242/787. Lowest in over 2 years..almost back to pre-covid #s
Watch this video as Abe Safa & Greg Harrelson discuss how this is impacting our real estate market and what you can expect.
If you have any questions or would like to discuss the market or your property, reach out to Abe at (843) 360-2145
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