Yea I can see that happening. Inflation could result in increased house prices but high in supply will eventually result in decreased prices until the market reaches equilibrium. Hopefully for many families looking to buy homes we see both price decreases and interest rates drop.
In your comparison you said it’s $700 more per month for essentially the same house which is not true. The $414k house in 2021 is now a $600k house. So you are paying $700 more per month in 2024 for a much smaller/crappier house
In my comparison I've showing the median home from 2022 to today. Which the median home price has stayed relatively the same so I'm making the assumption that the median home price would also mean that the median home (sq footage, age, etc.) stayed the same as well. I will admit that each individual market will be different, but my comparison was focused on showing the difference that interest rates can make on the size of your mortgage payment. I appreciate the comment and for watching!
What do you think will happen to the Real Estate market in 2025?
Housing costs will increase due to inflation even with a surplus of goods
Yea I can see that happening. Inflation could result in increased house prices but high in supply will eventually result in decreased prices until the market reaches equilibrium.
Hopefully for many families looking to buy homes we see both price decreases and interest rates drop.
In your comparison you said it’s $700 more per month for essentially the same house which is not true. The $414k house in 2021 is now a $600k house. So you are paying $700 more per month in 2024 for a much smaller/crappier house
In my comparison I've showing the median home from 2022 to today. Which the median home price has stayed relatively the same so I'm making the assumption that the median home price would also mean that the median home (sq footage, age, etc.) stayed the same as well.
I will admit that each individual market will be different, but my comparison was focused on showing the difference that interest rates can make on the size of your mortgage payment. I appreciate the comment and for watching!