Sellers are stubborn. It takes a long time for sellers to adjust their expectations.
More Quotes from Lawrence Yun:
One thing that we noticed is the amount people put into down-payments, which was about 20 percent during the stock-market boom, rose to 22 or 23 percent when the economy declined. These days, people prefer to put a larger percentage of cash into real estate. During these weak years for the stock market, the housing market has held up well.Lawrence Yun
In the Midwest, where homes are very affordable and where home prices have risen much slower than the national average, sales are more dependent on job growth in the overall economy.
Lawrence Yun
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.
Lawrence Yun
What we had in the past couple of years was an unprecedented frenzy of activity. That's what we're seeing A decline from a frenzied, unsustainable rate.
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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