Quote:
Originally Posted by vintageogauge
There is a shortage or re-sale homes just about everywhere and unless they are trying to get way above market price they are selling very fast, The interest rates are holding back sellers, not buyers. For 30 years,1970 to 2000, 7% was a good rate to have on a 30 year mortgage, well below the average for that period, 3% was a temporary situation and most likely will never be back.
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Yes, but 7% vs under 3% is keeping many from entering the housing market...
My middle daughter and son in law are currently house hunting. They make a very good income. They are having a hell of a time finding an affordable home. The interest rate difference prices them out of almost everything in the area. With the higher rates, It'll cost close to 50% of their take home pay for the mortgage...