Sales Down Prices Up
For about 10 months now the amount of homes selling has been much, much lower than in the 2 years previous. One year ago interest rates skyrocketed and many people told me “watch out for a price crash!”. That though is NOT the pain we are suffering, in fact it’s the opposite. Prices are going up again against many predictions. The pain is almost 2 million less sales in 2023 than in 2021 due to an all time low number of homes for sale. This actually goes back to the foreclosure crisis of 2007-2010 when builders built homes at a fraction of what they had done previously. We still haven’t caught up. This is causing a LOT of pain in our industry as lenders, agents and other people that work in the business are scrambling to adjust to this much slower sales pace. Why is this happening? Watch!
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THE NEAL WEICHEL GROUP | 661-284-5080 RE/MAX OF VALENCIA | NEAL WEICHEL DRE