{"id":7259,"date":"2022-12-01T11:54:23","date_gmt":"2022-12-01T16:54:23","guid":{"rendered":"https:\/\/empireappraisalgroup.com\/?p=7259"},"modified":"2022-11-17T11:58:50","modified_gmt":"2022-11-17T16:58:50","slug":"buyers-waited-for-falling-prices-big-mistake","status":"publish","type":"post","link":"https:\/\/empireappraisalgroup.com\/buyers-waited-for-falling-prices-big-mistake\/","title":{"rendered":"Buyers Waited for Falling Prices? Big Mistake"},"content":{"rendered":"

\"small<\/p>\n

Buyers Waited for Falling Prices? Big Mistake<\/h1>\n
\n

Source: Buyers Waited for Falling Prices? Big Mistake | Florida Realtors<\/a><\/p>\n

Some buyers waited for bargain homes that appeared after the Great Recession \u2013 but to counter higher mortgage rates, year-to-year prices have to drop 45%.<\/p>\n<\/div>\n

\n

CHICAGO \u2013 Despite slowing or falling home prices, rising mortgage rates are responsible for many first-time buyers still finding homes unaffordable.<\/p>\n

Nationwide, a median mortgage payment is now about 77% higher than it was a year ago, mainly because of higher rates. Assuming those rates don\u2019t change, home prices would have to dive 45% for monthly mortgage payments to return to year-ago levels.<\/p>\n

On the other hand, if average mortgage rates rise another 1%, home prices would have to be down about 50% year-to-year for monthly payments to be equal.<\/p>\n

\u201cWith rates \u2026 not likely to return to those 3% levels anytime soon, even a 10% decline in prices is not going to offer much of a bargain,\u201d says Realtor.com senior economist George Ratiu. \u201cThe only way I see mortgage rates stopping their upward trajectory is if the economy dives into a severe recession.\u201d<\/p>\n

Source: Realtor.com (11\/07\/22) Trapasso, Clare<\/p>\n

\u00a9 Copyright 2022 INFORMATION INC., Bethesda, MD (301) 215-468<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Buyers Waited for Falling Prices? Big Mistake Source: Buyers Waited for Falling Prices? Big Mistake | Florida Realtors Some buyers waited for bargain homes that appeared after the Great Recession \u2013 but to counter higher mortgage rates, year-to-year prices have to drop 45%. CHICAGO \u2013 Despite slowing or falling home prices, rising mortgage rates are […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[3],"tags":[],"yoast_head":"\nEmpire Appraisal Group - Highest Reviewed Appraiser in Broward<\/title>\n<meta name=\"description\" content=\"Need an Appraisal? Call or text us today for a free quote (561) 441-9298. Serving Broward County for over 15 years. Specializing in residential appraisals for listings, divorces, estate & Probate, bankruptcy, IRS Gift Tax, and much more. 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