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Originally Posted by ThirdOfFive
Possibly. But a 6% drop in housing costs is more than offset by the increase in interest rates. Home ownership in TV is 87.1% but the vast majority of those, nearly 70%, have mortgages (datausa . io). It seems logical to assume that that ratio won't be decreasing any time soon.
Additionally, one must consider the recent RISE in prices when comparing it to the recent drop. Since Quarter 2 2020 to Quarter 2, 2023, the average purchase price of a home in TV has risen from $279,120.00 to the current average price of $406,370.00. That is a 30+% RISE in three years, and coupled with the interest rate increase over the same time period that 6% is negligible.
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Hey whatever way it comes, the new homes are still getting price cuts. The Developer is falling in line as needs to be. Price per square footage reductions were sorely needed. The YouTube stations had the writing on the wall for some time now though. I do feel for those privately trying to sell their homes now. Hopefully everything comes out in the wash after the FED stops its tinkering.