Ben Eisen
speaker
1,467 appearances
35 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Ben Eisen’s voice in public audio — every appearance, attributed to the second.
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Appearances
But, you know, what I heard from buyers is that people, especially ones who are putting down bigger down payments...
People like that might have been putting down big down payments in order to compete in the hot market.
This time they're putting down bigger down payments so that they have a smaller mortgage and therefore can kind of keep their monthly payments in check.
You know, one interesting thing I learned was that purchases among people who are moving from one metro area to another metro area are actually holding up better than purchases among people moving locally within their metro area.
Meaning that, like, if you're moving from New York to...
a cheaper area, like somewhere in Texas or somewhere with a lower cost of living, you know, that market has actually held up better.
And the economist I spoke with about this mentioned that, you know, while you are obviously paying a higher mortgage rate than you might have last year, if you're moving to a cheaper area, you're still getting affordability there because of the lower cost of living.
So that might be making it more palatable for people to continue with these kind of cross-country moves.
That and the cost of the house might be a lot less, too.
So we had people that, you know, were in contract to buy a house but had to pull out.
And then instead of looking for a new house, they decided to rent, just sort of waiting for the market to calm down a bit.
Thanks for having me.
So when we look back to the fourth quarter of 2020, median mortgage payments and median asking rents were basically the same.
They were just under $1,200.
And since then, rents have risen about 10%, while mortgage payments have risen 58%.
So while we know that rents and home prices have both risen pretty quickly, the differential really has a lot to do with interest rates.
So when interest rates rise as much as they have, you have just the actual mortgage payment itself rises a lot quicker because of the additional interest.
So it's really had a very cooling effect on the home buying market so far.
The market has really slowed.
About 16% of buyers in contract to purchase homes in July backed out.
Showing 341–360 of 1,467 · page 18 of 74
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