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Well interest rates rose like what 2 weeks ago? The housing market doesn’t flip on a dime overnight
I don’t really think this is surprising. If some bank is still willing to lend you a half a million dollars at 3.5% when inflation is running at 7% why would you not go for that?
If we believe inflation is here and staying then you have to also believe assets will increase. If the market tanks then cool good buying opportunities but all the people I see freaking out about inflation are also predicting crashes. They are not correlated. If anything inflation will lead to the increase of all assets. Now non profitable tech stocks or whatever are different because of the debt, but valuable assets will appreciate from here
And they won’t till rates reach a tipping point that most people don’t want to pay. And no one can know what that is. All we can do is use history as a guide. During the Great Recession mortgages were 6-7%. 2022 isn’t at this level.
People are trying to get in as the gettin’s still good just before it goes away for the next 30 years. Get ready for some Carter rates, y’all!