re: interest rates on home mortgages wont fall anytime soon

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Wonder what the market will look like if rates never go back down to 3% but stabilize around low to mid 5’s for quite some time. Would we see an uptick in home sales or are people going to hold off in the hopes for low to mid 4s?

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A major issue, at least where I live, is inventory. That’s why we are just now seeing a very slight increase in time on market and decrease in home price. But these are still much higher than 2020 & 2021 prices.

But if there’s a good house available, in a good area— it will still see top dollar. I think that’s likely to a lot of people, in my area, paying cash for a home so unaffected by interest rates. Wild time to buy.