Home News Surging mortgage rates hitting first-time homebuyers ‘the hardest’: Real estate expert

Surging mortgage rates hitting first-time homebuyers ‘the hardest’: Real estate expert

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Although the real estate market is showing signs of chilling after 30 years of fixation Mortgage rates have reached their highest levels Since 2008, an expert has issued a timely warning to first-time homebuyers.

Ryan Schneider, President and CEO of Anywhere Real Estate Inc., told FOX Business: Maria Bartiromo Wednesday.

upon “Morning with Maria“The market has” slowed “as a result of the rate hike, in response to new data showing that 30-year fixed mortgage rates rose 25 basis points to 5.65%, Schneider said.

“Prices have risen in both homes for sale and rentals,” a real estate expert said. “So I don’t know if waiting here is the best answer for everyone.”

Real Estate Experts: The housing market is “still strong” and not “enthusiastic” for buyers

According to Schneider, waiting for market prices to fall is Risks from limited supply..

Ryan Schneider, President and CEO of Anywhere Real Estate Inc., said in “Mornings with Maria” Wednesday, June 15, 2022, “I don’t know how prices will go down” in a restricted market. (Getty Images)

“I don’t know how prices will go down in this restricted supply environment,” he explained. “So, rather than just waiting for decline, I’ve seen more people adjust their expectations and how they raise money. It doesn’t seem to be on the card these days.”

Unable to predict exactly when home prices will begin to cool, the CEO pointed out that consumers are shifting floating rates and shifting home preferences at affordable prices.

“I’m worried they won’t fall because we’re under construction,” Schneider said. “Fifteen years ago, when mortgage rates were so high, 3 million homes were added, but now there are more than 2 to 3 million homes less than necessary.”

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Real estate executives everywhere insisted on it Investors and brokerage firms We help homebuilders accelerate and bring as much supply as possible to the market.

“But I’m worried that prices won’t go down, both on the rental side and on the home buyer side,” Schneider admitted.

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