RATE LOCKED HOME OWNERS AND LACK OF HOUSING INVENTORY FOR SALE

It is April 24th, 2024 and the Fed has announced they do not see mortgage rates being cut any time soon, despite earlier assurances that there would be several rate cuts before the end of this year.  How will this affect housing prices and levels of housing inventory?  We also have the issue of older generations who have no mortgage needing to downsize and younger generations not needing or wanting to upsize because of fewer children or a change of priorities from having a large house to more flexibility to travel and less regular housing expense exposure of taxes, insurance, and maintenance.

How will the needs of homeowners align with the limited inventory available in the market?  How do younger people upsize when they have a 3% mortgage and home prices are remaining elevated?  How do older people downsize when everyone else is wanting to downsize as well because of the high cost and expense of ordinary living expenses in relation to income?

So we have rate-locked people, and we have inventory-locked people.  Many people would love to sell there large square footage houses but even without a mortgage, they are going to pay considerably more for less house.

The local Counties have decided that the same depreciating properties are worth considerably more now for tax purposes and taxes are up 25% plus.  It’s great the County says your property is worth more, but unless you are a seller or borrower, that increase only means your property got more expensive to own.

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