With mortgage rates on the rise, there’s no getting around it: North Palm Beach housing demand is certainly on the decline…or so is widely assumed. The term “housing demand” doesn’t necessarily refer only to the number of home sales recorded in North Palm Beach. “Demand” can include future sales underway, or indications of the level of buyer interest currently in evidence. Since North Palm Beach is now about to enter the start of the traditional high season for home sales, whether we should expect a surge in demand is of more than passing interest.
North Palm Beach Housing Demand—Supply Shortfall Connection
That’s why last Thursday’s airing of CNBC’s “Squawk Box” interview with United Wholesale Mortgage’s CEO Mat Ishbia (he’s also the owner of the Phoenix Suns) was certain to raise some eyebrows. Asked how demand for his home loan firm’s products was doing, the CEO’s answer was unexpected.
“What have you seen in terms of demand when it comes to new mortgages?” the hostess asked.
“You know, actually, we seem pretty strong to me,” the multi-billionaire answered. “I know that the reports show that it’s a twenty-eight-year low…but actually, it’s been a pretty strong February—Februarys are usually slower.”
For local viewers who had a hard time digesting how a “28-year low” could qualify as, “pretty strong”—there actually was a rational answer:
“People are still buying; there’s a supply and demand issue out there. There are more people wanting to buy than people wanting to sell right now. And so we’re still seeing pretty strong demand. We’re expecting a great March and a pretty good first quarter across the board, and so, on the purchase side, it’s great.”
Contact Your Mortgage Expert Today – America’s Mortgage Solutions
He showed less enthusiasm for the refinance side of his business—but for those who had been expecting a downcast projection from what has seemed to be a beleaguered mortgage industry, Tuesday’s interview provided a strong dose of optimism. The effect of the continuing relative scarcity of homes for sale is frequently acknowledged—yet seldom emphasized as clearly as by a source as well-placed as Ishbia. For area home sellers now deciding whether to enter their properties in this spring’s March listings, it was a viewpoint that was good to hear. If you are among them, I hope you’ll give me a call at (561) 316-6800 to get started!
Do you know how much home you can afford?
Most people don’t... Find out in 10 minutes.
Get Pre-Approved Today
