For those who didn’t see this in our newsletter, here are my guesses on market conditions:
- A little better than usual for the rest of the year due to low mortgage rates.
- A little worse than usual next year due to political/election distractions.
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Interest rates have been the big monkey wrench. No way I win the housing market prediction contest this year. The other little recognized factor holding prices and sales up is the strong wage growth. People with good jobs and growing income stretch a little more to get what they want.
With regards to pricing, let’s somehow factor in that the buyers who already own a nice home here and are trying to move up or down…..are much more critical about price than those who who don’t own here yet.
Thus, the holding of price (and sales) is dependent upon the out-of-towners and first-timers succumbing to seller/agent demands.