(HOUSING CRASH) GET READY FOR A BUYERS MARKET…

TL;DR

High interest rates and property prices lead to a drop in property sales and cancellations.

Transcript

so did you know that in the month of june 15 of properties that fell under contract meaning that they received an offer and the seller accepted the offer 15 of them fell out of contract after being in contract what's going on guys that's ricky with tackle solutions i know our main focus on this channel is about investing and trading in the stock ma... Read More

Key Insights

• ☠️ 15% of properties under contract fell through in June due to high interest rates.
• 🥺 Property prices up 19.4% lead to longer time on market and decreased sales.
• ❓ Transitioning from seller's to buyer's market due to expensive loans and uncertainty.
• ☠️ Interest rates up to 6% from 3% impacting monthly mortgage payments significantly.
• 🧘 Properties sitting longer on market indicate a cooling off period.
• ❓ Median sale price at 600,000 with 20% fewer sales compared to last year.
• 🥳 Days on market increased from 17 to 26, signaling a slower market.

Questions & Answers

Q: Why are 15% of properties under contract falling through?

The Federal Reserve's interest rate hikes have increased mortgage rates, making it harder for buyers to afford properties, leading to cancellations.

Q: How have property prices changed compared to last year?

Property prices are up 19.4% from the previous year, making it less attractive for buyers due to expensive loans and uncertainty about the market.

Q: What impact do high interest rates have on property sales?

High interest rates result in longer times on the market, decreased property sales, and more sellers dropping prices to attract buyers.

Q: How can buyers and sellers navigate the current real estate market?

Buyers should be more selective due to high interest rates, while sellers may need to adjust prices and consider cash buyers to ensure successful property transactions.

Summary & Key Takeaways

• 15% of properties under contract fell through in June due to high interest rates.

• Property prices up 19.4% from last year, leading to longer time on market and decreased sales.

• Transition from seller's to buyer's market due to expensive loans and uncertainty.