The housing market has hit some turbulence but it’s nothing that can’t work itself out, one real-estate veteran says. It is fundamentally a different market, Bess Freedman, CEO of Brown Harris Stevens, told MarketWatch in an episode of Barron’s Live. “Housing… The pandemic home-buying frenzy came to a screeching halt when the U.S.
Federal Reserve raised interest rates last June. Rates have since doubled, remaining firmly above 6%. After home sales plunged, the housing sector has recovered somewhat, but it is now facing a shortage of homes for sale, leading the market into a bidding frenzy once again.
It is fundamentally a different market, Bess Freedman, CEO of Brown Harris Stevens, told MarketWatch in an episode of Barron’s Live. “Housing has just switched from where it was like a full-on party with champagne to a more austere market,” Freedman said. “And that’s to be expected. Rates have doubled inflation, bank collapses, all these things going on. It’s a little bit of a turbulent market right now.”
“‘Housing has just switched from where it was like a full-on party with champagne to a more austere market.’”
Source: headtopics.com
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