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Many homeowners refinanced their mortgage during the pandemic when interest rates were around 2.75%. I've heard that people are not motivated to sell their homes right now for that reason.
Inventory is still very low and we aren't even close to a balanced market.
Because nothing gets built
It will fall pretty soon. Fed meeting tomorrow and student debts will also start coming back.
People also have cash flow to pay the higher interest.
Location location location. Maple Valley/Covington officially tapped out on water; meaning no homes can be built. With inventory so low, people are really struggling and just biting the bullet for now and hoping to refy in a few years. People still need homes
Its all about inventory. For most folks who got the low interest mortgage rates, they don’t want to sell. And if ever they do want to move to a bigger place, most decide to keep it as a rental given their low rates.
With people returning to office and people refinancing their homes people aren’t moving and are staying put