Housing Crisis 2023 | What 8% Interest Rates Mean For You

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KELLY ZITLOW, NMLS 164330
Sr. Mortgage Advisor
EVP, Sales & Marketing
[e-mail]
www.kellyzitlowgroup.com
480.725.0150
Kelly Zitlow is a Public Speaker, Sr. Mortgage Advisor, and Executive Vice President of Sales & Marketing with Cornerstone Home Lending, a Division of Cornerstone Capital Bank, SSB. All information presented is for educational purposes only and is used to help you as the viewer in your home buying or selling process.
Cornerstone Home Lending, a Division of Cornerstone Capital Bank, SSB. Cornerstone Capital Bank, SSB. Member FDIC. NMLS ID# 2258 | Equal Housing Lender
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#mortgage #buyingahouse #housingcrisis

[@jaivionjones2205]

Just found this channel
Thank you so much for your information!!
I’m buying a house in 3 months

[@MortgageHowDoI]

Congratulations on your decision to invest in your future! If it would be helpful to discuss financing strategies and how the home loan process works, we’re here to assist. Click here to schedule a call: bit.ly/3wERfRV or you can call/text us 7 days a week! 480.725.0150

[@RetrieverTrainingAlone]

The supply of single family houses is almost half of pre-pandemic levels, so low supply = high prices. The increase in mortage rates from 3% to 8% should trigger a decrease in prices, but due to the relatively low supply, prices increased instead. The fed's target is 2% , so mortgage rates are likely to remain high (above 6%) in 2024.

[@MortgageHowDoI]

Thank you for watching and leaving a comment!

[@annettegarciasomerville3298]

But who wants to buy a home that was $630k in 2020 and are now being sold for over $1mil at a higher interest rate??? I doesn’t make sense and it doesn’t make it easy for any buyer, who wants to be house poor and pay over $8k monthly on their mortgage? Do you know a lot of people who can afford that payment?? I know I don’t, and I live in a very nice area in California.

[@MortgageHowDoI]

Thank you for your comment, Annette! Home prices combined with higher mortgage rates, property taxes, and homeowners insurance premiums vary widely across the country and there’s no doubt some areas are less affordable than others.