Housing Market Potential Hinge

A rebalancing of the supply-demand dynamic is likely as demand moderates due to declining affordability, and house price appreciation slows down in response.” “There is limited incentive to sell when, due to higher mortgage rates, it will cost more each month to borrow the same amount as your existing mortgage from a lender, a phenomenon known as the ‘rate lock-in effect.’ The shortage of supply across the price spectrum also impacts existing homeowners looking to move up. Another important consideration is that builders have been busy breaking+ground on more homes, which will help to alleviate some of the supply shortage this year.

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