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 Re: Very Few Closings
Posted by  JanetK_CA on 9/7/23 8:13pm

Yes. I haven't run the numbers, but not surprisingly, it's been a dramatic drop, although things did pick up for me a bit over the summer, as usual. There are obviously lots of factors that come into play, but high interest rates are a major one. That affects affordability for first time buyers (along with limited inventory resulting in high property values). For folks who already have a home, many are choosing to stay in their existing homes which may have a note with a fixed rate as low as 3 or 4% vs. moving and facing a mortgage interest rate of 7 or 8% or more. If given a choice, that's kind of a no-brainer.

At this point, I'm very grateful for the connections I've made for GNW over the years!
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