Graph from JBREC:

  • Only 36% of current homeowners said they would move if rates were 5%+,
  • Only 15% said they would move if rates were 6% or higher, and
  • ONLY 7% OF CURRENT HOMEOWNERS WOULD MOVE IF RATES WERE 7% OR HIGHER.

If the market of move-up and move-down buyers has seized up like an old Ford, then who is left?  Who are the buyers who will stay in the hunt?

It will be those who don’t own a house here and are hoping to find a cooperative seller:

  • 1031 exchangers
  • Parents buying with/for kids.
  • Out-of-towners
  • First timers

The buyer pool is probably shrinking daily – great news for those who have the guts to keep looking!

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