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re: Housing prices and Interest rates
Posted on 10/11/23 at 7:41 pm to KRobinson
Posted on 10/11/23 at 7:41 pm to KRobinson
Rates and housing prices are not correlated as much due to inventory shortage. We massively under built after 2008. We have a big housing shortage. People with homes are pretty much stuck because they won’t leave their homes to pay 7+% interest.
This post was edited on 10/11/23 at 7:43 pm
2
Posted on 10/11/23 at 7:51 pm to go ta hell ole miss
Going to vary by market. Undoubtedly, the interest rates have shrunk the buyer pools that can afford to consider a home purchase. But, the market was way too hot for way too long and there is still a shortage in most markets of supply. So, prices are unlikely to fall dramatically albeit start working lower.
Posted on 10/11/23 at 8:09 pm to go ta hell ole miss
quote:
We have a big housing shortage
While I don't dispute that entirely, I wonder how much of an effect AirBNB and VRBO are on that.
Not only have loads of former full time homes exited the market, but in quite a few cities, especially ones that have crazy high rents, have entire developments that almost seem built to be airbnbs.
We did a bachelor party in Nashville and I guarantee the place we stayed at was almost all STR (40-50 unit complex that couldn't have been more than 3 years old).
So now we have a percentage of new housing builds not even really entering the market where they were before.
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