Posted 4/16/2024, 1:48:04 PM
Housing Market Cools as High Rates Deter Buyers
- Housing starts fell 14.7% in March amid high mortgage rates and slowing demand
- Many buyers are waiting on the sidelines for rates to fall before making a purchase
- Current buyers are those who need to purchase right now; they can negotiate with motivated sellers
- Pent-up demand remains, as life events and financial pressures will eventually bring buyers back
- Buyers have gotten used to low rates; possibility of no rate cuts could further dampen market