Home prices are going to go down even more. Because as rents go down, housing prices will go down.
Some might ask: “How is it possible that demand for rentals and For Sale properties goes down at the same time?”
If mortgage rates go up, and fewer people buy, shouldn’t rental demand increase in America?
Interestingly – no.
Demand to buy and demand to rent are both parts of overall housing demand.
And in 2023 we are seeing housing demand decline due to inflation, the recession, and record-low consumer sentiment.
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