Waiting for West Palm Beach Housing Prices to Cool
West Palm Beach housing is some of the most desirable in Florida, a fact that is made evident by its rapidly increasing prices. Many economists believe that demand for West Palm Beach housing is pushing up prices and that prices will continue to increase until long-term mortgage rates increase, but FoxNews.com columnist Gail Buckner thinks that’s when demand for West Palm Beach housing will be strongest.
“If you were thinking about buying a home and saw interest rates going up, what would you do, wait? No way! The prospect of higher mortgage rates prods everyone who’s sitting on the fence to finally sign on the dotted line and close the deal,” she explains.
Buckner stresses that West Palm Beach housing sales will continue to climb with mortgage rates until they are so high “that they drive up monthly mortgage payments beyond the reach of most buyers.” Once that point is reached, West Palm Beach housing sales will slow and prices will decrease.
“If you were thinking about buying a home and saw interest rates going up, what would you do, wait? No way! The prospect of higher mortgage rates prods everyone who’s sitting on the fence to finally sign on the dotted line and close the deal,” she explains.
Buckner stresses that West Palm Beach housing sales will continue to climb with mortgage rates until they are so high “that they drive up monthly mortgage payments beyond the reach of most buyers.” Once that point is reached, West Palm Beach housing sales will slow and prices will decrease.
