The Weird State Of
Housing Today

Scott Thompson
 
Business Insider

The US housing market is stuck as buyers and sellers remain hesitant, according to a 
report from Realtor.com

The Federal Reserve seeks to control inflation by influencing interest rates. When inflation is too high, the Federal Reserve typically raises interest rates to slow the economy and bring inflation down.

 

US Inflation Rate (I:USIR)

3.18% for Jul 2023. Click here
 
 
So what do you do?

I've been through the tuff times in real estate. The effects of Carter years with rates 21%+ The Reagan years, 1987 rates at 12%-10%. The Dot Com crash, the Frank-Dodd crash of 2008, and today 2023. I've seen Seller's markets I've seen Buyer's markets, but what do you do in a Nobody's market. 


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Cache County's Market.

People Still Have to Buy, Even Dead
People Buy A little bit of land. Check this out.
8-17-2022  VS  8-17-2023


What's on the market as of today!
Total number of properties on the market today, Click Here
 


Scott Thompson

455-753-4577 Text but you can call as well
Seasoned Broker 41+ yrs


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More homes are sitting on the market

With home prices and mortgage rates still uncomfortably high, buyers just aren’t biting, leading to a glut of real estate listings gathering dust. For the week ending Feb. 4, home inventory shot up by 70% over levels seen this same week a year earlier.

As a result, many homeowners simply do not want to sell their homes as of late. New listings were down by 11% from one year ago for the week ending Feb. 4.

That marks 31 weeks that fewer sellers have put their homes on the market compared with last year, and for good reason: Sellers might not only struggle to sell, but if they succeed, many might have to face the same steep home prices and mortgage rates as other buyers, making it a lose-lose scenario all round.

“High costs and mortgage rates can significantly up the ante for homeowners hoping to trade up and remain in their current area,” explains Hale. Many are deciding to just stay put.

Plus, this continuing lull in new listings means homebuyers might not be all that excited by the idea of sifting through stale, steeply priced properties.

“With new listings declining, the growing number of homes for sale reflects still-low buyer interest amid high costs,” adds Hale.

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Some good news for home shoppers

In January, homes lingered on the market for 75 days. And for the week ending Feb. 4, listings sat for 19 days longer compared with this time last year. Overall, the housing market is currently experiencing a 28-week trend of homes lingering on the market for longer periods than they did a year earlier.

But this presents a unique opportunity for buyers willing to comb through old listings for bargains.

“January data also reveals a significant increase in the share of homes for sale with a price reduction, more than double compared to the same period last year,” says Hale.

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MARBLE HILL ESTATES Subdivision
 

Buyers and Sellers don't need just any real estate agent. Buyers and Sellers need somebody in this nobody market they can trust to provide services and advice that helps them make rational decisions based on realistic expectations.  I'm a broker who understands the market, I'm creative, flexible, and very patient. I help Buyers and Sellers make rational decisions in real estate.
 

 

RecentSoldData.com Cache County