Waiting For a Big Drop in Home Prices? It Could be a While
With mortgage rates falling during the COVID-19 crisis, many households were able to refinance to monthly lower payments. Due to a mortgage payment being the most prominent payment households make each month, lower payments have allowed homeowners who bought homes to have better cash flow.
In general, homeowner households were financially solid going into the crisis. When COVID-19 happened, some sellers were able to sit back and watch the market. We didn’t see any mass hysteria to sell. It was just a matter of weeks before the buyers returned and sellers sold their homes, leading home sales to get to pre-cycle highs in 2020 and 2021.
Gracen Tilton | Marshall Walker Real Estate | 582 Rutledge Avenue | email@example.com | 803-549-6318