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The Reality Behind High Home Prices, with BiggerPockets CEO Scott Trench
Aug 25, 2023
01:06:43
Snipd AI
Scott Trench, CEO of BiggerPockets, shares insights on real estate investing. Topics include economic trends, demographic shifts, interest rates, remote work's impact on housing market, and factors to consider when choosing a city to invest in. They also discuss the differences between commercial and residential real estate and the current state of single-family and multi-family real estate investments.
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Quick takeaways
- The lock-in effect, where homeowners with low mortgage rates are hesitant to move, and the lack of new supply and inventory contribute to high home prices.
- Regional market dynamics and migration trends influence the real estate market, with factors like insurance issues, political climate, and affordability varying across regions.
Deep dives
The Impact of Interest Rates on Home Prices
The podcast explores the phenomenon of high interest rates and rising home prices. Despite interest rates doubling, home prices have remained high. This is attributed to the lock-in effect where homeowners with low mortgage rates are reluctant to move and give up their favorable rates. Additionally, the lack of new supply and inventory further contributes to the high prices. In some regions, builders are thriving due to the lock-in effect and are able to set their own terms when selling properties.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode