July 14, 2024

2022 Real Estate Market Drop

Home mortgage rates jump to a 13-year High!

Home mortgage rates are now at their highest level since August 2009!

Yes, currently a 30-year fixed mortgage will cost you in the range of 5.27% which is up from 5.10% just last week! Home mortgage rates have jumped up  about two percentage points just from the start of the new year!

2022 Real Estate Market Drop

2022 Real Estate Market Drop

Potential home buyers were already struggling with the huge home price appreciation we’ve seen over the last few years. Now, with the spike and home mortgage rates, it seems certain to me that the housing bubble in the United States has burst!

Already, home sellers are seeing a slowdown in demand, we’re seeing more listing price reductions and the average marketing time has also been increasing .

Keep in mind, the real estate industry is basically a sales  marketing organization. So, what typically happens at times like this is you will hear industry spokespeople, and Main Street news organizations, interviewing Real Estate industry professionals, who for the most part, will push the narrative that the housing market is returning to normal and or, this is a normal pullback in a very strong real estate market and presents a great opportunity for potential buyers who missed out on getting into the market on its way up. Obviously, you may attribute these remarks to naivete or just over developed optimism, but in either case, buy masking the truth, many current home buyers may be going to take a huge financial hit by purchasing in the current real estate market.

If there was ever a time to stay on the sidelines, this is it!

In my humble opinion this market should have turned down last year and was only propped up by artificially low interest rates and eviction and foreclosure moratorium that just forestalled the inevitable! Actually, I personally believe that the government’s actions not only with the moratoriums, but also the massive bailouts and now double-digit inflation, have not only created the housing market crash that we are just entering, but are also going to make this downturn much more severe then many expect.

For those of you who may not be regular readers here is the link to the first warning blog post that I put out; my first post where I called the real estate market top was June 15, 2021 (https://brokerforyou.com/brokerforyou/real-estate-market-downturn/ ) . On June 17 I had a follow-up post ( https://brokerforyou.com/brokerforyou/real-estate-market-bust/ ) where I added additional indicators, that to me showed that the market was in a topping phase right now! I put the links to each one of those prior post above, and would suggest if you’re interested, to reread those posts!

I wrote this article myself, and it expresses my own opinions. This article was written for informational purposes only, and is not intended as personal investment advice. Please practice due diligence before buying or selling any real estate.

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    Brokerforyou.com is for SALE

    Just like most major businesses, the easiest way, and the fastest way to expand your business and influence in your particular market is through strategic acquisition. Just look at Google, they are the number one search engine in the world! Google bought Youtube in November 2006 for US$1.65  billion! YouTube now operates as one of Google’s subsidiaries.

    www.brokerforyou.com is for sale and is offered with a very popular San Diego residential real estate channel with 1.16K subscribers and 114 videos!!

    What’s the approximately monthly cost to host a website?  With shared hosting, you’re hosting fee can break down to about 10 to $15 per month. To keep your url registered (that’s your site address), this is usually paid on a five to 10-year basis, which averages out to about just a dollar per month!  Naturally, if you add direct hook-up to a MLS database, that provides lead capturing, this costs can vary greatly from provider-to-provider.

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