Good information. Is there a seasonal pop in activity during the Spring? I suspect another 25 bp rate increase in June. Reasons the markets might cool this Summer: Oversupply of new homes which were calculated to be selling more when the planning was done and builders didnt account for these rates that we have today, increase in foreclosures will increase supply, increase in sales of AirBNB and VRBO properties as owners realize the market has softened and hotels are more competitive will also increase supply, and of course more challenging qualifying prospects who need mortgages. Just my opinion.
Thanks so much for the comments. I watch the inventory daily, and based on what I am seeing, the demand is still out pacing the supply. We normally get a bump in activity once School lets out, which is this week in Florida and continues all the way into mid September. The foreclosure filings are still at historic lows. The biggest thing that will determine how the market will perform is the Millenials purchasing homes. They are the biggest group in history, even bigger than the baby boomers. They are in their prime home buying years for the next 8-10 years and NAR survey shows that 92% of Milenials want to own a home. Stay tuned, I will be doing a video on this soon :). What is a topic that you would like for us to do in a future video?
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Thank you for covering all of this. Appreciated.
You are quite welcome Victoria.. Curious, what is a topic that you would like to see us cover in a future video?
Good information. Is there a seasonal pop in activity during the Spring? I suspect another 25 bp rate increase in June. Reasons the markets might cool this Summer: Oversupply of new homes which were calculated to be selling more when the planning was done and builders didnt account for these rates that we have today, increase in foreclosures will increase supply, increase in sales of AirBNB and VRBO properties as owners realize the market has softened and hotels are more competitive will also increase supply, and of course more challenging qualifying prospects who need mortgages. Just my opinion.
Thanks so much for the comments. I watch the inventory daily, and based on what I am seeing, the demand is still out pacing the supply. We normally get a bump in activity once School lets out, which is this week in Florida and continues all the way into mid September. The foreclosure filings are still at historic lows. The biggest thing that will determine how the market will perform is the Millenials purchasing homes. They are the biggest group in history, even bigger than the baby boomers. They are in their prime home buying years for the next 8-10 years and NAR survey shows that 92% of Milenials want to own a home. Stay tuned, I will be doing a video on this soon :). What is a topic that you would like for us to do in a future video?