A Local Yokel Opinion on Interest Rates, Inflation and Inventory
Seems every online news outlet these days tout, so-called, national real estate experts, pushing numbers, taking polls, predicting future outcomes. Some even use fear tactics to spread disinformation!
Unfortunately for them, they lack the ability to determine the true number of sales and statistics at a local level. This is where professionals in their own communities have a clear advantage over inaccuracy.
- Interest rates are a big concern for buyers who were qualified before the last percentage increase. Many will wait until they decrease. Cash buyers are not concerned one bit, it does not apply to them.
- Inflation affects all Americans, especially the working class. While wealthy people feel little discomfort, the middle class is struggling to keep up. The poor are taken care of by government programs.
- Inventory has increased across the nation, with a few exceptions in some areas. While properties may be plentiful, sellers are still reluctant to accept the shift in the market, holding tight to overpriced listings.
Though this new market has it's own set of challenges, consumers still buy and home owners will sell their properties. My parents purchased a home with an interest rate in the mid teens back in their day!
Believe it or not, real estate is local, says this yokel! 😉
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