Macro Trends Advisors founding partner Mitch Roschelle breaks down the U.S.'s historic home price correction.
Mphasis Digital Risk Founder and Managing Director Jeff Taylor shares advice on buying homes and gives his outlook on the 2023 housing market on 'Mornings with Maria.'
"A couple of things are going to cause it to turn in the opposite direction, meaning home prices are going up. One is certainty. And when you don't know if interest rates are going to go up or not. I think that is what is driving a lot of people away from buying because they just don't know if rates are going to be cheaper in two months, and they're just going to wait," Roschelle explained to FOX Business'"And the other thing is uneasiness regarding the economy.
A 'For Sale' sign sits in front of a home on the market as the country experiences its' second-biggest home price correction in the post-World War II era. Roschelle's comments come following the massive power shift happening in the real estate market. Arguing that the power has "completely shift[ed]" away from the sellers, further "constraining" the nation's struggling housing supply. Right now, I would say it's a buyer's market. I think the power has completely shifted from seller to buyer.
"So, if there's a house that hits the market that's perfect, and it ticks all the boxes for buyers and there are buyers out in the market, I think you could see sporadically bidding wars, but mostly, you know, it's one or two people chasing that house. And we're not seeing that. We're not."
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