Fed Chair Powell stated the Fed is creating a "bridge period" of "demand exhaustion". This is being interpreted as the Federal Reserve is killing the housing market. I get it. But what I see is first-time home buyers getting the reset, the break they've been needing and asking for. Plus, with the housing market as strong as it is... it's hard to justify a bust coming. I guess it's all how you look at it.
Please know: The Fed Rate and mortgage rate are not sisters, but they are cousins.
This is what's been happening with the greed of home sellers, the FHFA, and banks.
Buyers are struggling more so than ever before.
Cancelations have gone way up because of the higher interest rates.
Policies have come out that devastated pricing.
There is an increase of inventory - double of last year - but it's way below normal balanced markets.
We're not going to see a massive drop in prices, people will just stop selling.
It's all about perspective. Buyers have to be reminded of the strength in our housing market and that there is still opportunity!
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