“There were buyers lined up outside the real estate offices every day, and a house would come in, and it would be sold in-house — nobody would even get a chance for it on MLS,” Schneider says of the late 80s. “But then it died overnight.”
“If your numbers work out, and you can afford the higher interest rate, then why wouldn’t you buy that dream home right now?” Schneider says. “Although you feel like your house has lost value — has it really? No, it just lost that cream that was on the top … that was not sustainable in any market. The people that can afford these interest rates today are the ones that are going to win in this market. And those are the people that won in the 1990s.
“They realized … to sell at today’s price, they would still be able to comfortably buy something else,” Schneider says. “Not a lateral [move] — not having all the same features unless they were to change location — but having enough money then to be able to put them in a way better financial situation.
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