The biggest problem buyers have is NOT prices 💰 The banks aren't lending them as much money

Tom Panos Rants

I said this 6 months ago, and now it’s official 🗞️
The rate of increase in interest rates is overtaking the rate of decline in property prices.
In this current real estate market, buyers have roughly a 25% decrease in borrowing capacity (all other things being equal).
The biggest problem buyers have right now is not the price of the property - it’s that the bank is not lending them the same amount of money they previously would have approved.
My Clearance Rate over the long weekend: 4/8 SOLD (50%)