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same here in nyc , lots of buyers from all over . there are always takers . even 2008 -2009 we sold 2 of our central park co-ops with not much trouble at all .
And the buyers are not just locals, they include many out of staters, some from another country.
That's why you can't just look at the income to housing price ratio, if you insist you should look at the income for ALL the rich foreigners and out of staters as well as the locals.
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There are more ranch homes in the Bay Area than millionaires in the us and china
historically it is starter homes that do the best when rates rise modestly .
it is exactly that end of the market where pressure to buy builds up as the old we better buy now before we can afford to buy even less home happens .
if you look at fha data it is that market segment that does particularly well until rates get to high as the lower end homes have a lot more demand since those are the folks most likely locked out of the market if they wait to long . up to 6% has generally still been fine .
For the week ending today 11/23, mortgage rates hit 4.03% for 30 yr fixed mortgage loans.
The benchmark 30-year fixed-rate mortgage last topped 4% in the December 31, 2015 week. Rates have held around 3.50% for most of the year, but have surged in the weeks since the U.S. presidential election.
I suppose it most matters what the rate is in the Spring, when there are more home sales.
Do you know how ridiculous that sounds? Our first mortgage was 9.5%. The stupid bank dithered around an extra week while it jumped from 9.25%.
you can buy co-ops here in nyc in the borough's that are 2 to 3x median incomes and have all the benefits ot ownership or you can spend millions .
for what it would cost to just rent in our area , 20 minutes away in howard beach queens my daughter bought a co-op for the same monthly payment for about 160k ..
a home in our area starts at 600-700k and runs in to the millions , but a nice 2 bedroom 2 bath co-op runs 300-325k . we may buy one next year .
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