Are you looking to buy or sell a home in the current US housing market? With mortgage rates at 20-year highs and supply plunging in some parts of the US while surging in others, it can be difficult to navigate the market. That’s why we’ve put together some real estate tips by Ronnie Jordan to help you make informed decisions.
First and foremost, it’s important to understand that the housing market is currently split due to high mortgage rates. In more expensive metropolitan areas, high borrowing costs have sidelined many prospective home buyers, causing demand and home prices to fall. Meanwhile, falling home prices and high rates have discouraged existing homeowners from putting their properties up for sale, leading inventory to dry up.
However, the dynamics are different in the South, where properties are relatively more affordable. This has led to buyers being more willing to enter the housing market, which has propped up home prices and offered sellers more incentive to list their homes.
So what does this mean for you? If you’re looking to buy a home, it may be worth considering properties in the South where there is more inventory and prices are relatively more affordable. If you’re looking to sell a home in an expensive metropolitan area, it may be worth waiting until mortgage rates decrease and demand picks back up.
These are just a few real estate tips by Ronnie Jordan to help you navigate the current US housing market. Remember to always do your research and consult with a professional before making any major decisions.