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Home mortgages are now over 7%. This mortgage rate hike is substantial considering where mortgage rates for home loans were just last year (3%) for 30 year fixed rate mortgages. However now we are seeing home buyers sitting on the sidelines, we are seeing home insurance increasing along side rising property taxes, rising home utility bills, job lay offs and more. This is a all signaling a housing market crash and likely a recession across the residential real estate market. This could be good news for new home buyers, property investors, and long term investors however this could be bad news for people who recently purchased properties at very high prices or people who can not afford their mortgage payments when all other economic factors are being considered.
There will be big opportunities for real estate investors especially investors who are interested in multi family duplexes, triplexes and fourplexes in which they can move into one unit and house hack their way into a strong position by reducing their monthly housing costs and bringing down their living expenses to then further invest as the real estate market falls.
