As you know, I have been in business for over 40 years. And I was selling real estate during the 18% years. One of the things i have noticed is the more the News talks about its not a good time to buy, we are in a bubble, etc, the more people listened. Many people shut down their buying plans to wait for a better market condition. I believe that will happen again this time and the market will cool from 2 sources, the higher interest rates and the News.
I think you might be right. Anecdotally I've had a couple of different conversations lately with prospective homebuyers who have said something along the lines of, "At this point we're just going to wait it out." People are afraid of buying at a peak and then being upside down immediately.
As you know, I have been in business for over 40 years. And I was selling real estate during the 18% years. One of the things i have noticed is the more the News talks about its not a good time to buy, we are in a bubble, etc, the more people listened. Many people shut down their buying plans to wait for a better market condition. I believe that will happen again this time and the market will cool from 2 sources, the higher interest rates and the News.
I think you might be right. Anecdotally I've had a couple of different conversations lately with prospective homebuyers who have said something along the lines of, "At this point we're just going to wait it out." People are afraid of buying at a peak and then being upside down immediately.