The ones that vote Democrat.
Posted on 06/19/2023 8:30:32 AM PDT by millenial4freedom
The numbers: For the first time in nearly a year, home builders are upbeat about the housing market outlook.
The shortage of previously-owned sales is helping to buoy builders’ confidence.
With mortgage rates above 6%, many homeowners find little incentive to sell—nearly 92% have an outstanding mortgage with a rate below 6%, according to a recent survey conducted by Redfin a brokerage and real estate listings company. And 23.5% of homeowners have a mortgage rate of less than 3%. Consequently, the number of new home listings has dropped by 22%, as compared with the same period a year ago, according to a Realtor.com housing trends report.
(Excerpt) Read more at msn.com ...
“homeowners find little incentive to sell”
How many homeowners sell and go on to NOT buy or rent a home?
Hard to pull people out of 3% mortgages for a 6% mortgage...thus a shortage of resale homes
I think it’s a reflection of the fact that demand still outstrips supply in many areas (unlike the 2008-2009 housing meltdown where you practically couldn’t give houses away). Here in the Bay Area, one of the factors for the lack of supply is that homeowners who would normally look to sell and buy due to lifestyle changes or other reasons have little to no incentive to do so if they are locked into a nice mortgage rate like we are (2.75%).
The main reason to sell is a change in employment. If you lose your job and need to move to get a new job forces people to sell. This is not as much of a factor if you can work remotely.
I know several people now that work from home for a company several states away. Two of my neighbors, one of my siblings and both my daughter and her husband. My daughter in NH lost her job about two months ago for a company in NC. After being unemployed for 3 weeks she got another job working remotely from another company in NC.
So, the YouTuber’s that have been predicting a decline in real estate are all pointing to an increase in unemployment will force more houses into the market. Especially FHA mortgage houses.
The ones that vote Democrat.
5 million ‘newcomers.’ Tent cities. Demand will be out there, thanks to the artificially created.
I got a 2.5% rate. You can pry my house from my cold dead hand.
Well, this is NICE and all, but who’s going to finance the construction? Construction loans have absolutely dried up. Even for established builders.
All the wealthy refugees from Taiwan will soon flood the market.
I wonder how much tax dollars these companies get for putting up illegal aliens and “refugees” in these homes?
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