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Podcast: The Tom Toole Sales Group Podcast
Episode: Resilient Real Estate: Overcoming High Rates and Market Volatility in 2023 - Tom's Take 353
Description: Even with high interest rates, home prices have not crashed. 👀
In 2022 we saw the biggest home sales crash in history, meaning the decline in the number of homes sold. We also saw rates on fixed mortgages jumped from 3% to 7%. So they almost doubled. 🏡
Typically what will happen is when volume decreases, prices follow. 📊
But we didn't see that in 2023. In the Greater Philadelphia area, prices climbed back up, even with higher rates. ⬆️
When supply is low and demand is high, prices will continue to maintain high levels, which is exactly what we saw in 2023.
With rates now around 6.5% we've seen a lot more st...