Why People Are STILL Buying New Construction With Rising Interest Rates

It's 2024 now so what is going on with the real estate market in St. Louis and the market for new construction homes?? Today, we are discussing production builders in St. Louis specifically and some reasons people are STILL choosing to do new construction even with rising interest rates and changing economic circumstances. People are tired of competition, limited houses for sale, expensive renovations, and expensive financing. Those are some of the big things going into the demand for newly built homes around St. Louis even though we might be heading toward a recession in the near future.
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Here’s a breakdown:
0:00 Overview of the new construction market
1:17 Reason #1: People are tired of competition
5:00 Reason #2: It's expensive to renovate a home
6:05 Reason #3: You get what you want!!
8:06 What will happen with new construction homes in 2024?
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[@AshesOfRoses]

Happy New Year! Great video! 🌸🥂

[@LivingStLouis]

Thank you! Happy New Year to you as well! 🎉😀

[@tonybosworth5382]

Developer/builder assisted financing has had a HUGE influence!

[@LivingStLouis]

Absolutely such a good point. Assisted financing and rate buy downs have been a big way for people to get slightly lower rates and that's a huge advantage over buying pre-existing homes these days

[@shejustcant]

what do we think is gonna happen in 2024 for the housing market ?

[@LivingStLouis]

It's really tough to say; the Fed has made it clear they plan to reduce rates in 2024, but how much the housing market will speed up or slow down is a big question. Prices are still high and inventory is still low compared to demand for housing, and we are still seeing bidding wars even with mortgage rates in the 7-8% range. Now that we're in January and past the holidays, we've noticed things picking up pace here in STL which is what usually happens right after the new year, but I really don't know how this year's spring and summer market will compare to 2023.

[@shejustcant]

yeah whats interesting is if the stock market continues to climb, what will happen to real estate regardless of rates.@@LivingStLouis