Monthly Residential Property update for the entire County
Recently, the housing market in US faces the worst slowdown in new construction and short supply of existing homes for sale that pushed housing prices so high. Because of extreme prices, buyers either finding themselves in bidding wars or sitting on the sidelines which is worse for real estate market. Real estate agents also feel pressured and worried as homebuyers are stepping back from high prices. What’s causing chaos in housing market, in the midst of what otherwise looks like upbeat growth? Housing market is a victim of economy’s success. The Federal Reserve is looking forward to keep inflation in check by raising interest rates, making mortgages more expensive. In addition to that tariffs on imported lumber and crackdown on immigration have made it more difficult and expensive for builders to obtain the labor and materials they need to construct homes. According to the National Association of Home Builders , it’s not exaggerating in hot urban markets where the land is very ...