That is an incredible increase

And has forced many home buyers to purchase a lower priced home. Some homebuyers have been priced out of this housing market. As many people know, interest rates have an enormous impact on the cost of buying a home. When interest rates rise, mortgage payments can become exorbitant, making it harder and harder to be able to afford buying a home. This is one of the major causes in the decline in home sales as individuals realize that becoming a homeowner is too costly right now. The example above shows just how significantly higher mortgage rates impact monthly payments and the ability to qualify for a mortgage.

Interest rates are not that high

Compared to historical mortgage rates. However, the combination of these India Mobile Number Data higher mortgage rates and near all time. Home prices are causing major problems in the housing market. Impact of Declining Sales On Real Estate Professionals The real estate industry has taken a hit as recent sales figures place a 37% reduction in its activity. Unfortunately, layoffs are imminent and will affect many different types of professionals, such as mortgage brokers, real estate agents, appraisers and home inspectors to name just a few. Even contractors within the industry will not be spared; tradespeople are typically involved in most property sales. In my opinion, many in the real estate industry will be looking for new careers or taking on second jobs if they remain in the industry.

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The New Normal of Selling a Home Today The New Normal of Selling a Home Today. The DY Leads Future Of Mortgage Rates The future of mortgage rates is difficult to predict. The Federal Reserve has stated that the federal funds. Rate will continue to increase for the entirety of 2023, which will in turn impact mortgage rates. Though we can expect to see lower interest rates at some point in the future, nobody can accurately predict when these decreases will occur. In my opinion, low levels of home sales as a result of ongoing higher interest rates will remain persistent until at least 2023, if not longer. Only time and future events and decisions made by the Federal Reserve will tell when we start to experience a decline in interest rates. Home sales experienced a 26% decline since December 2020 to November 2022.

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