With demand for mortgages plummeting to its lowest level in 22 years, one real estate expert argues that the housing market is “still strong” and buyers aren’t feeling too “enthusiastic.”
“Let’s say we were 5 years old before the pandemic [on] On a scale of 1 to 10, we quickly accelerated to 10. Everyone knew they were at an unsustainable level, “said Christie’s International Real Estate Co-CEO, Thad Wong. “Morning with Mary” Thursday.
“I think I’m seven now. It’s still a strong market. The sellers are still in a good position, but they’re not very enthusiastic and there aren’t many unreasonable purchases.”
His comment looks like this 20-year mortgage rates fall Data compiled by Credible fell below 5% earlier this week.
As the pandemic subsided, Mr Wong said buyers were considering buying a villa in the bright red housing market.
“During the COVID period, there was a change in the idea that people wanted more space. They were more thankful for their time at home with their families … they enjoyed going to new places. I was there, “Won emphasized.
“We had [an] Incredible thrust [the] Markets and purchasing power, transition to a second domestic market … it’s still going on. “
Despite “an incredible shortage of inventory,” Wong said homebuyers are about to move to Cities with tax incentives Low cost in Nashville, Arizona, Dallas, etc.
“From a state perspective, there are movements, but there are sports teams, alternative buyers who are still interested in being in an international region with a great food culture,” he emphasized.
“It’s really great for real estate so far.”
When FOX business host Maria Bartiromo asked Wong how the housing market was reacting to highs and whether buyers were shocked by stickers, he replied: .. Owned or rented, pricing It’s very expensive. “
“We are seeing a slow setback. We expect prices to fall a bit. The levels of acceleration and rise we had are not sustainable, but the market is still from the rest of ’22. I think it will be very strong until ’23. “