The market is starting to correct itself because of increasing interest rates and unrest around a pending recession. However, there is still a large number of folks planning to buy a home in the next 6 months.
This article from MarketWatch does a great job of sharing insight into the market and what people are thinking. If you are not sure if you should step into the market currently, this article should give some insight to help you think through the process. Enjoy the article and let me know if you have any questions.
Tim Houterloot - Broker/Realtor
317-997-0165 - Cell
indyhomepro@outlook.com
Source: MarketWatch | Repost Houterloot 9/15/2022 -
The economy is in a recession? 30-year mortgage rates near 6%? Doesn’t matter — some home buyers are still planning to buy a home in the next six months, according to a new survey.
According to the survey by Realtor.com, which looked at visitors accessing listings as well as search results, nearly 46% of would-be house buyers polled said they’re planning to go ahead and purchase a home in the next six months, even though recession fears are weighing on prospective buyers.
That’s higher than the share of buyers who planned to buy in July 2019.
That’s also in spite of mortgage rates reaching the highest level since 2008, and as high home prices continue to hold their ground.
The data from the survey show that “some home shoppers are finding silver linings in the form of cooling competition,” Danielle Hale, chief economist at Realtor.com, said in a statement.
Read the full article...
