Are Metro Detroit Home Buyers Disappearing?
Posted by Michael Perna on
The real estate market has been quite the ride over the past two years. Yet as many know, some changes have been taking place in recent months. At its peak, people were flocking to buy homes due to record low interest rates. Now however, rates have increased in combination with the pullback in stocks and bitcoin causing many buyers to disappear from the market entirely.
Let’s discuss some of the facts and why people may not be interested in purchasing a home at this time, and some valuable info for those still seeking to buy or sell a house.
Interest Rates
Back in January the market was still very hot, with interest rates for a 30 year fixed mortgage available as low as 3.5%. Today, those rates have nearly doubled to 6.5% or more, as the…
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