CNN reports that the current housing market is hot, as evidenced by this story: Realtor Ellen Coleman, a practitioner at RE/MAX Realty Centre, put a house in Washington, D.C., in need of renovation on the market last month on the 25th, starting at $275,000, and received 88 bids in four days.
Among the bidders, 15 had not even seen the house, 76 said they could “pay in full immediately”; the house was finally sold for $460,000, 70% more than the asking price, which was not even the highest bid, and won the bid only because it could pay in full; Coleman said the current housing market is not only the hottest in his 15 years in the business The current housing market is not only the hottest in his 15 years in the business, but can even be said to be “out of control”.
The reasons for the housing market boom include low interest rates and the backlog from the previous epidemic, which has caused an influx of investors, first-time buyers, and home exchangers; coupled with a decrease in supply, February’s available homes were 30% less than a year ago, sending prices soaring, and the national median home price has risen 16% in a year.
Many people who do not have deep enough pockets choose to wait and see, waiting for mortgage rates to rise to depress prices, and waiting for supply to increase before entering the market, and many experts agree that these things will happen; however, according to Carlo Siracusa, president of real estate firm Weichert, it is “pointless” to wait and see.
Six real estate experts, including Siracusa, told CNN that there is still no end in sight to the boom in real estate transactions; Danielle Hale, chief economist at online real estate firm Realtor.com, said that generally speaking, home sellers will begin to increase in May, but even then, demand for homes will still outstrip supply. Hale believes that buyers who wait and see will instead lose more than they gain by missing out on the current opportunity for ultra-low interest rates.
Mortgage broker William Raveis Mortgage banker Cohn (Melissa Cohn) also said that the impact of rising interest rates on home prices is not immediate, but also can not benefit all over the country, and even if the housing market will cool down, it does not mean that there will be such as “20%” of the The decline will not be as large as “20%”.
Recent Comments