Interest rates have EXPLODED and there is no way of knowing what will happen next.
30yr fixed that was 3.50% 60 days ago is now 4.75%.
Market has definitely turned in some areas.
I think that the party is over for the moment.
‘Shortage of inventory’ does NOT mean that houses are worth more or should be going up.
Days on market, median prices and many other stats that are thrown around is utter foolishness to me but the accepted norm to most people, sheeple and agents that it all somehow means something really important. (It’s just noise)
The ‘market’ is in shock. What very few people seem to realize in the macro is how idiotic the ‘housing market’ is and it’s mostly based on the greater fool theory combined with ‘fear’ of missing out along with the availability of financing to complete a purchase.
In the short to mid term, I see prices coming down in many markets once people come to grip with reality. ‘How much’ remains to be seen, based on how the desperate & impatient people respond.
