Markham condos for sale . Buyers strike?
Markham condos for sale . Buyers strike? Everyone knows that the real estate market has gone crazy, with crazy distortions, soaring prices and plummeting sales.
Although 17.4 million people are still demanding some kind of state or federal unemployment compensation, FHA mortgages have a record default rate of 17.5 per cent, 2.3 million mortgages are still tolerant, but beneficiaries of fed monetary policy are seeing houses as leveraged assets. An investment vehicle with a huge return on equity. People buy houses and move into new homes, but do not push up the prices of old homes, as shown by the explosive growth of second-hand mortgage loans, resulting in insufficient inventory and soaring prices. However, sales have plummeted.
Sales of existing homes (single-family homes, apartments and co-ops) fell 3.7 per cent from February to a seasonally adjusted annual average of 6.01 million units, the lowest since this year, after plunging 6.3 per cent in February from January. The National Association of Realtors reported today in August. Sales increased by 12.3% compared with March 2020.
But apartment sales are out of line with home sales. Since February, sales of single-family homes fell 4.3% in March, to a seasonally adjusted annual growth rate of 5.54 million units. But as inventories have remained within normal range over the past few years, apartment sales in March rose 1.4 per cent from February to a seasonally adjusted annual rate of 710000, with many apartments available for sale.
Mortgage rate. According to the March sales schedule, mortgage rates are rising in January, February and March, with the average 30-year fixed-rate mortgage rising from 2.9% in mid-December to 3.36% in early April. To the Mortgage Bankers Association. This makes soaring prices suddenly much more expensive, making it unaffordable for some buyers.
Buyers strike? There are signs that most of them are anecdotes, and some buyers are saying, forget it, I didn’t take part in this crazy housing bidding zoo. Only on videotapes of watching all the inspections and accidents, I saw the winner (or loser) agree to pay more than the ridiculous amount required. Bad deals were made in great times, and there is no better time to make terrible deals.
Inventory of homes for sale at the end of last year and January this year has fallen to an all-time low in the 1980s. In February, it was still at a low of 1.03 million homes.