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Mortgage Rates Runaway
– Mortgage rates sprinted past 8 percent like a cheetah on Red Bull in October, adding another wrinkle to the already stressed skin of the real estate market. These rates have surpassed the illustrious “lack of housing inventory” as the leading nightmare giving real estate agents sleepless nights. A title that no one really wants, mind you – like being crowned the king of broccoli at a kid’s birthday party.
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Inman Intel Index Calls It
– The latest monthly Inman Intel Index results shed light on this frightful situation. Now it’s official; rising mortgage rates are topping the charts of “Things That Are Making Real Estate Agents Pull Their Hair Out.” A spectacular jump for mortgage rates from the middle of the charts, cue a round of applause… or not.
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From Housing Inventory To Mortgage Rates
– As a nod to the previous king, let’s not forget the lack of housing inventory. It held its spot proudly for a fair bit, causing distress across the market. But then, out of nowhere, mortgage rates rolled up their sleeves, took a swig of energy drink, and soared right past, toppling the incumbent like a bad game of Jenga.
And now, time for the grand finale – my incandescent, scorching hot take:
In the grand drama of the real estate market, the villain’s role keeps getting recast faster than Spiderman in Hollywood. Earlier, it was the monotonous tune of “lack of housing inventory” that kept everyone on the edge. A tough one to beat, for sure, until our new challenger – the ever-climbing mortgage rates – took the stage and stole the villainous show. They didn’t just steal it; they swiped it off the table like a cat with a water glass. So now, real estate agents have yet another sleep depriving factor to worry about. A moment of silence for our brethren out there, folks.
In the end, whichever way you cut it, it seems like the real estate market just can’t catch a break these days. Even a coffee break seems out of reach. The perfect recipe for a chaotic market or a sitcom plot – you be the judge. Just remember, when it comes to the housing market, don’t take life too seriously. Nobody gets out alive, anyway.
The sad reality? Real estate, like life, is short. Blink and you miss out on your dream house. Nod off and you wake up to soaring mortgage rates. I guess it’s up to us to decide whether the current situation is a tragedy, a comedy or, perhaps most fittingly, a tragicomedy.
Original article: https://www.inman.com/2023/11/21/mortgage-rates-overtake-inventory-as-biggest-worry-for-agents-triple-i/
