Fox Business caught up with renowned real estate broker Mauricio Umansky for his take on the current market trends and how he believes the country can remedy its affordable housing crisis given the neck-breaking pace at which the world is moving.
Barron's associate editor Andrew Bary shares his insights on affordability in today's housing market on 'Barron's Roundtable.'Do you think the trend of spending above asking price for a home is something we will continue to see this year and into 2023-24 and beyond?Well, I definitely think it's a trend that we're going to be seeing, certainly into 2022 and into 2023. The world moves too fast nowadays.
The Agency's Mauricio Umansky, right, tells Fox Business predicting the future of real estate ‘kind of starts becoming bulls--t.’Do you think we will see a stout increase in mortgage interest rates in the foreseeable future?There's a very fine line right now between inflation and affordability. And I think the government's got a tough task in front of them.
The idea of digital purchasing, I believe, is going to continue. Whether you call that social media or strictly searching on the web – be it a Zillow or The Agency website or my website or whatever. I think it's going to be a trend that you're going to continue to see.
With respect to lack of inventory as you mentioned, is it commonplace in the luxury real estate market to purchase a plot of land and then build your home to your specifications and your dreams and imaginations versus a buyer saying, "I want something that's turnkey and ready to move into right now?"No, I think that the turnkey thing is still something that the luxury buyers are looking for.
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