I just sold my house and closed last week Thursday. There was only 1 offer when 8 months ago when I sold my other prop there were prob about 45 offers.According to what I read yesterday, people are being forced out of their homes at increased rates and the supply of available housing is starting expand as the list of buyers is starting to dry up a bit. Combine that with higher interest rates and they were projecting at least a 20% pullback in prices. My realtor confirmed that prices are beginning to come in a bit.
Realtor said the buying has all but stopped and no one is making any purchases right now. Interest rates are too high and people feel too much uncertainty in the economy as well.
I was wrong. I thought for sure it wouldn’t drop but looks like I was wrong and the market is going to drop and shift for a pretty significant correction.
Luckily I sold two houses at the top of this craziness while simultaneously using my VA loan to buy another with zero down at 2.25 percent interest. At one point I was holding three properties and really worried if the last one didn’t sell in time I’d be in for a ride on the down turn.
Now I’m sitting in a major cash position with zero consumer debt other then my current house. Prob sit on it for the next 2-3 years and get more real estate.