Our experience says prices do not go down when there's job creation in the local economy. In local markets where they are flat on jobs, they could see prices decline. But we're projecting 2.3 million new jobs this year. The job market is providing a buffer. It's a counter force to rising rates.
More Quotes from Lawrence Yun:
A typical household in the past two years saw about a 20,000 gain in equity. That's not an insignificant chunk. Homeowners see that wealth and use it to buy additional goods.Lawrence Yun
The supply of homes is very tight for new and existing homes. We will continue to see healthy home-price appreciation. For non-home owners, that's bad news. But for home owners, that's building wealth.
Lawrence Yun
I feel comfortable with that, although 40 percent would be in the upper end of possibility. As for the lower end, getting double-digit appreciation will be an easy task for Seattle.
Lawrence Yun
The market clearly has some legs left. Buyers who were sitting on the fence, hoping mortgage rates would decline, have decided to make the move now.
Lawrence Yun
Sellers are stubborn. It takes a long time for sellers to adjust their expectations.
Lawrence Yun
Home-buying is not a snap decision -- people mentally prepare for it and search for homes, and this is a three-to-four-month process. Plus, even with the rise in mortgage rates, they're still below last year's figure and still close to 45-year lows.
Lawrence Yun
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