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

Even with high interest rates, home prices have not crashed. 👀 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. 💰 Schedule a call ➡️ https://calendly.com/tomtoole More videos like this ➡️ www.youtube.com/tomtoole3rd