{"id":3396,"date":"2023-07-24T08:15:29","date_gmt":"2023-07-24T12:15:29","guid":{"rendered":"https:\/\/dominicksellshomes.com\/?p=3396"},"modified":"2023-07-24T08:15:29","modified_gmt":"2023-07-24T12:15:29","slug":"platinum-club-4","status":"publish","type":"post","link":"https:\/\/dominicksellshomes.com\/2023\/07\/24\/platinum-club-4\/","title":{"rendered":"Platinum Club"},"content":{"rendered":"

\"\"<\/a><\/p>\n

\u00a0The REAL<\/em> effect of interest rates on the market<\/h2>\n

People think of the effect of interest rates on purchasing power, and thus demand and pricing, and that is true and important but it doesn’t lay out the full picture.<\/p>\n

Every 1% decline in rates brings 5 million more prospective buyers into play (and the reverse is of\u00a0course true).\u00a0 That doesn’t mean they will buy though.\u00a0 Why might they not?\u00a0 In this region, mostly because they don’t have something to buy because\u00a0of the inventory shortage.\u00a0 Remember when you hear stories of houses with 7 offers on them, 1 person\u00a0got a house and 6 are still looking.\u00a0 The more profound effect of interest rates right now has been on the SUPPLY side!<\/p>\n

92% of borrowers have mortgage interest rates below 6% and 20% have interest rates below 3%!\u00a0 People move for a host of reasons, but If you\u00a0have a 500K mortgage at 3% and are looking at an 800K mortgage at 7% that will certainly give you pause.\u00a0 This dynamic has largely wiped out the move up market locally and severely restricted supply.\u00a0 I believe we will need a retreat in rates to the 5’s to fundamentally alter this dynamic.\u00a0 The recent rapid rise in rates was necessitated by foolish budgetary and regulatory actions that caused real inflation for the first time in 40 years.\u00a0 Inflation absolutely must be slain first, but when it is a retreat in rates is expected.\u00a0 That will increase supply but also bring more buyers into the market so don’t expect a drop in prices.<\/p>\n

As you can see, the law of unintended consequences is in full swing.\u00a0 But this market, like all of them, is manageable if you have a capable and informed broker and team supporting you.\u00a0 If you are contemplating a move please reach out and we’ll chart the best course for you!<\/p>\n

It’s a good life.<\/p>\n

Chris<\/p>\n","protected":false},"excerpt":{"rendered":"

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