The Expert Podcast

• Builders are struggling to keep up with demand.
• Rising costs are contributing to the delay: lumber prices, labor costs, and permit fees.
• Skilled tradespeople are in high demand, leading to wages of $70-80 per hour, which is affecting home prices.

• 8% mortgage rates are not expected to cause a crash in the housing market, despite economic struggles.
• Builders cannot meet the demand for new homes, and homes continue to be removed from the market due to age or remodeling.
• The 8% mortgage rate has already been factored into the market; people have adjusted their budgets accordingly.
• Interest rates have been higher in the past, with 12-18% rates in the 80s, so current rates are considered normal.

• There’s too few homes available, and it will only get worse.
• Many homeowners have significant equity or low-interest rates, so they are not desperate to sell.
• The lack of inventory and the normalization of 8% rates means the housing market won't crash in the near future.

• Focus on purchasing the cheapest house within your budget.
• Consider compromising on some features of your dream home.
• Renting may leave you vulnerable to rising rent prices or potential lease cancellations.
• Home improvements like painting or replacing carpets are affordable and can enhance a home.

• Share your opinions and what you're seeing in your local market in the comments.