Hey I got a text message from Mr Laine . I asked about interest rates and buyers and here’s his response.
“I’m not surprised at this. Buyers are going through a grieving process. They realized that they “missed the window“. They can remember in recent past that rates were below 4%. Now they are above seven. What they don’t realize is that the 50 year average of interest rates for mortgages, is 7.2%. So we are at average. It will take them time to get through the five stages of grief and land on acceptance. Meanwhile, all of the life events that are triggering sales, like death, birth, divorce, marriage, etc. are still happening and so a stockpile of buyers in need of more space or in need of downsizing is accumulating. What’s going to happen is rates are going to go down, because never in our nations history if we had in a recession, where rates didn’t go down, And the buyers are going to flood back into the market and we’re going to see bidding wars all over again. - Ed Laine
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