American Mobility is Becoming Prohibitive

The Wall Street Journal recently had a spectacular instagram post that really succinctly captures the difficulties that we have faced within the real estate market: lack of mobility. Mortgage rates are nearly twice as high as they were during COVID. Employers are not fighting for new employees anymore. Quiet quitting is no longer a common phrase. If anything, many employees are happy to not be losing their jobs.

So what does this look like within our market? It looks like low inventory coupled with lower demand. The consequence of this is low price growth and not too many transactions. Good news: many homeowners have low rates and a lot of equity. The pressure to sell, negotiate, and mobilize our market doesn’t necessarily exist.

For insight into the predictive changes surrounding the Fed’s path for interest rates, come back next week!!