Nicole Friedman

speaker

798 appearances 16 recordings 1 series first heard Aug 2017 last heard Dec 2024

Nicole Friedman’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Higher Mortgage Rates Vexing Homeowners Who Want to Sell · 23 Sep 2022 podcast

And so it's made that monthly payment for buyers much more expensive, hundreds of dollars per month more than it would have been at the rate of a year ago.

And so that's really priced a lot of buyers out of the market and made it much less competitive.

There's a lot less demand right now to buy homes.

So it was a really strong seller's market in 2020 and 2021.

We had stories of long lines at open houses, homes on the market getting 20, 30, 40 offers, bidding wars, buyers having to waive inspection, waive appraisal.

And that is really not true anymore.

It's a much more balanced market.

Buyers are able to ask for more concessions from sellers.

They aren't having to pay as much over asking.

But it's not necessarily a buyer's market yet either because the inventory of homes for sale, while it's higher than it was earlier in the year when it was at basically a record low,

It's still lower than just a few years ago.

It's still not quite a normal level of inventory.

So sellers don't have as much power anymore, but it's not quite yet that buyers are in the driver's seat.

Many, many households either bought a home in the last couple of years at very low rates, or they refinanced their mortgage at very low rates.

And so the latest data from Black Knight, which is a mortgage data firm, shows that almost 90%

of mortgages right now have an interest rate below 5%.

And more than 2 thirds have an interest rate below 4%.

So lots of people right now have locked in really low borrowing costs on their current home.

And that makes it a much tougher decision.

Do you give up your current mortgage and sell your home

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