Homebuyer demand is WEAKENING but it’s still outpacing the supply of houses for sale in the US. We need approximately 2M more houses to be listed for sale in order to have a balanced real estate market per the National Association of Realtors. This imbalance is causing upward pressure on prices and multiple offers on average for those houses that do get listed for sale.
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 5.5% for the current mortgage rates (at the time of filming this video). That’s up ~2% YTD for the average 30yr fixed rate mortgage.
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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#housingmarket #housingbubble #homeprices
Originally published at https://www.youtube.com/watch?v=tBSUeC2U9RM
This news story originally appeared at Real Estate - Trend Magazine on 13 May 2022