Closing for a custom builder a few weeks ago, almost all his contracts halted. Buyers know what happened last time around when a $500,000 house appraised at $350,000. Going into a recession perhaps depression, they just stopped in their tracks. The cost of getting in materials has also gone up. Our homes sales went down from this time last year, however refi's are at all time highs...
If we only had a crystal ball. It only makes sense that until everyone is back to work, prices are going to drop, home sales will be less. |
