Regarding the drop in new listings, I'm assuming owners don't want to trade their current low interest rate mortgages for new ones with higher interest rates. I would have thought the ibuyers/institutional investors would have dumped more of their inventory into the market by now though given the dropping prices. I'm not a Realtor so I don't have access to that deep data.
There was also a WSJ article today talking about how people are opting to hold onto their homes with low interest rate mortgages and turn them into rentals rather than sell since rent has been climbing and the sale market is poor. Of course they'll lose their capital gains tax deduction if they lease them for too long.
Regarding the drop in new listings, I'm assuming owners don't want to trade their current low interest rate mortgages for new ones with higher interest rates. I would have thought the ibuyers/institutional investors would have dumped more of their inventory into the market by now though given the dropping prices. I'm not a Realtor so I don't have access to that deep data.
Thanks for the posts, John. Good stuff!
That makes sense. Other people mentioned that. Seems obvious to me now. Thanks for the comment!
There was also a WSJ article today talking about how people are opting to hold onto their homes with low interest rate mortgages and turn them into rentals rather than sell since rent has been climbing and the sale market is poor. Of course they'll lose their capital gains tax deduction if they lease them for too long.