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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Appearances
They say, even if this home isn't the right home for me, unless I absolutely have to move, it just doesn't make sense right now.
And so homeowners are just staying put.
And so that means there's not a
it's hard for people to find a house that is a good fit for them right now.
So that really depends on what happens with mortgage rates.
If rates do come down, that might free up some inventory that maybe sellers will say, well, I wasn't going to give up my 3% rate for an 8% rate, but if it's come down to 6% and I really need to move, maybe that difference in cost is more worth it.
If rates come down, economists expect that could bring more inventory to the market, but it could also bring more buyers to the market.
So it might still not feel like there's enough inventory to go around.
Home sales this year have really plummeted.
It's likely to be the lowest year for existing home sales since at least the Great Recession, if not even longer.
Everybody's kind of frozen up.
And so next year, some economists think it's going to be another very slow year, that not much will change.
Others say there is likely to be an increase, especially if they expect mortgage rates to decline.
But they also think a lot of people in 2023 either didn't sell or didn't buy because they were waiting to see where the market was going.
And maybe in 2024, they'll say, I can't wait any longer.
I need to move on with my life.
We've seen more activity, for example, in the Midwest compared to the West Coast because Western states are much more expensive.
And so buyers there have been more hit by affordability constraints.
But in general, a lot of markets that slowed when rates first started to rise in late 2022, they're already starting to recover and they're not really seeing prices fall as much anymore.
They're seeing more stability in home prices.
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