The Tom Toole Sales Group Podcast

Resilient Real Estate: Overcoming High Rates and Market Volatility in 2023 - Tom's Take 353


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Even with high interest rates, home prices have not crashed. đź‘€
In 2022 we saw the biggest home sales crash in history, meaning the decline in the number of homes sold. We also saw rates on fixed mortgages jumped from 3% to 7%. So they almost doubled. 🏡
Typically what will happen is when volume decreases, prices follow. 📊
But we didn't see that in 2023. In the Greater Philadelphia area, prices climbed back up, even with higher rates. ⬆️
When supply is low and demand is high, prices will continue to maintain high levels, which is exactly what we saw in 2023.
With rates now around 6.5% we've seen a lot more stability in the market, which has created certainty for consumers. 🤝
Whatever the Fed says this week is going to tell the tale for 2023. The good news here is prices aren't coming down and real estate is holding its value. đź’°
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The Tom Toole Sales Group PodcastBy The Tom Toole Sales Group Podcast

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