High Buyer Demand Keeps Prices Rising Despite High Interest Rates, But What If...


High Buyer Demand Keeps Prices Rising Despite High Interest Rates, But What If...
By Scott Rogers • November 30, 2022
Between 2019 and 2021 we saw very high levels of buyer demand... and very low mortgage interest rates... which lead to higher and higher sales prices. In 2022 we saw continued high levels of buyer demand... combined with much higher mortgage interest rates... and yet, prices kept rising. Perhaps we'll never need to know the answer to my "what if" above... since buy demand might remain quite high in the Harrisonburg and Rockingham County area for years to come... But what if.... buyer demand declined... and mortgage interest rates remained high... would prices remain high? Or would prices level out? Or would prices start to decline? Again, so long as buyer demand remains high, we may never need to know the answer to this hypothetical question... but feel free to let me know what your guess is as to how our local market would respond... Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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