What if you are told that there is a housing market in a country that has more listings than buyers?
When Mortgage rates increase Real estate conditions in Louisville, Kentucky may be changing as the building begins to pick up.
“As long as it’s rising a bit, it’s exciting [in] A new list. ”
“From a year ago, it increased by 11.4% from May 2021 to May 2022.”
Average house Louisville, KentuckyIt sells for $ 292,000, according to Realtor.com. Homes are on the market in an average of 22 days.
As we’ve seen across the country, rising mortgage rates will inevitably rise after the Federal Reserve raises rates again this week, reducing first-time homebuyers.
Jerome Powell tackled the housing crisis after the interest rate decision was announced at a press conference Wednesday.
“Whether you are a home buyer, someone, or Young people trying to buy a house — Needs a little reset. We need to return to where supply and demand will recover, inflation will fall again, and mortgage rates will fall again. “
Ryan Schneider, president and CEO of Anywhere Real Estate, told FOX Business that the message to first-time homebuyers is that they are worried.
“The rental market is not without the same problems. Prices are rising both for sale and for rent, but consumers are pushing for adjustable rates. [fewer] Bedroom — Expectations are adjusted. ”
He also says he’s worried that house prices won’t go down.
“We are under-constructed. Fifteen years ago we had 3 million additional homes, but now we have 2 to 3 million. [fewer] House. ”
“The ferocious housing market is definitely chilling, but I say it’s good because the pace of price increases wasn’t sustainable.”
He says he supports builders — and also points out that wealthy people are less affected.
“Most of the high-end people don’t use mortgages, then we’ve made more supplies; now the opposite. And lending standards are loose — now they’re less risky. . “
“The red-hot housing market is definitely chilling, but I think it’s good because the pace of price increases wasn’t sustainable,” said Mitch Roschelle, founding partner of Macro Trends Advisors LLC.
He added, “Higher mortgage ratesI don’t think there will be a crash, due to inflation and the slowdown. ”
“Some of the trends we’ve seen over the last two years will continue,” Roschelle said. “The transition from cities to suburbs and more rural areas, and from red states to blue states.” ..
As for Louisville, I traveled there last month.
There are several communities under construction just 30 minutes from the airport and downtown.
This week, the rich history, beautiful green pastures and, of course, the horse country will be fully exhibited. “American Dream Home”