{"id":9661,"date":"2023-08-01T09:56:35","date_gmt":"2023-08-01T14:56:35","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=9661"},"modified":"2025-02-02T14:45:56","modified_gmt":"2025-02-02T19:45:56","slug":"sellers-and-golden-handcuffs","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/the-morty-report\/sellers-and-golden-handcuffs","title":{"rendered":"Sellers and \u201cgolden handcuffs\u201d"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Plenty of buyers, few sellers<\/h2>\n\n\n\n<p>While the <a href=\"https:\/\/www.cnbc.com\/2023\/07\/26\/fed-meeting-july-2023-.html\">Fed<\/a> raised <a href=\"https:\/\/www.nytimes.com\/live\/2023\/07\/26\/business\/fed-interest-rates\" target=\"_blank\" rel=\"noreferrer noopener\">interest rates<\/a> again this week, by .25%, <a href=\"https:\/\/www.morty.com\/mortgage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage rates<\/a> remain relatively consistent this week, with that rate hike already priced into the market. Right now, buyers can expect <a href=\"https:\/\/www.morty.com\/mortgage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">30-year fixed rates<\/a> to hover around <a href=\"https:\/\/www.morty.com\/mortgage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">7%<\/a>. The Fed\u2019s <a href=\"https:\/\/www.cnbc.com\/2023\/07\/26\/fed-meeting-july-2023-.html\" target=\"_blank\" rel=\"noreferrer noopener\">path forward<\/a> from here remains uncertain, with the possibility that rates could remain the same or be increased again at the Fed\u2019s next meeting in September.&nbsp;<\/p>\n\n\n\n<p>Low inventory continues to limit existing-home sales (a sale of a home that isn\u2019t new construction) market activity and create challenges for buyers. This is driven in large part by what some in the industry have been referring to as <a href=\"https:\/\/fortune.com\/2023\/06\/24\/housing-market-golden-handcuffs-home-seller-strike\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u201cgolden handcuffs,\u201d<\/a> the low mortgage rates of years past that have made would-be sellers reluctant to move on. Those that have mortgage rates in the 3% range are understandably hesitant to enter the market, even if they may want to move.\u00a0 This dynamic won\u2019t last forever \u2013 there are many factors that can lead people to list their homes \u2013 but for the time being the rate environment continues to fuel this trend, and drive significant increases in new construction. Prices for new construction homes are now <a href=\"https:\/\/www.axios.com\/2023\/07\/21\/new-existing-home-prices\" target=\"_blank\" rel=\"noreferrer noopener\">similar to those of existing homes<\/a>, prices (historically they have been tens of thousands of dollars higher) reflecting the lack of existing homes being sold and how developers building more starter homes for first-time homebuyers.\u00a0<br>Read below for a spotlight on how <a href=\"https:\/\/www.morty.com\/resources\/money-matters\/self-employed-homebuying-guide\" target=\"_blank\" rel=\"noreferrer noopener\">self-employed borrowers<\/a>, a growing segment of the market, can approach <a href=\"https:\/\/www.morty.com\/mortgage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">buying a home<\/a>.<\/p>\n\n\n\n<p>-Robert Heck, VP of mortgage @ Morty<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"http:\/\/policygenius.go2cloud.org\/aff_c?offer_id=658&amp;aff_id=2156\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"341\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1-1024x341.png\" alt=\"policy genius banner\" class=\"wp-image-8879\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1-1024x341.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1-300x100.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1-768x256.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>In the News<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.cnbc.com\/2023\/07\/25\/sp-case-shiller-may-2023-home-prices-continue-to-climb.html\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"578\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.10.11-PM-1024x578.png\" alt=\"\" class=\"wp-image-9662\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.10.11-PM-1024x578.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.10.11-PM-300x169.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.10.11-PM-768x434.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.10.11-PM-600x338.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.10.11-PM.png 1484w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><strong>CNBC<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.cnbc.com\/2023\/07\/25\/sp-case-shiller-may-2023-home-prices-continue-to-climb.html\" target=\"_blank\" rel=\"noreferrer noopener\">Home prices continue to climb with \u2018striking\u2019 regional differences<\/a><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.bankrate.com\/real-estate\/build-or-buy-a-house\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"577\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.11.25-PM-1024x577.png\" alt=\"\" class=\"wp-image-9663\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.11.25-PM-1024x577.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.11.25-PM-300x169.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.11.25-PM-768x433.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.11.25-PM-1536x866.png 1536w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.11.25-PM-600x338.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.11.25-PM.png 1820w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Bankrate<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.bankrate.com\/real-estate\/build-or-buy-a-house\/\" target=\"_blank\" rel=\"noreferrer noopener\">Is it cheaper to build a house or buy one?<\/a><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.axios.com\/2023\/07\/21\/new-existing-home-prices\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"600\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.04.34-PM-1024x600.png\" alt=\"\" class=\"wp-image-9664\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.04.34-PM-1024x600.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.04.34-PM-300x176.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.04.34-PM-768x450.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.04.34-PM-1536x900.png 1536w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/08\/Screenshot-2023-07-27-at-2.04.34-PM.png 1614w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Axios<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.axios.com\/2023\/07\/21\/new-existing-home-prices\" target=\"_blank\" rel=\"noreferrer noopener\">Old houses now cost as much as new houses<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Spotlight: Self-Employed Borrowers<\/strong><\/h2>\n\n\n\n<p>When it comes to buying a home, self-employed buyers face a few unique challenges. Lenders are more cautious when it comes to a self-employed buyer\u2019s income, which is considered to be less predictable than that of a salaried buyer. However, with the right approach and tools, securing home financing as a self-employed buyer is entirely possible.&nbsp;<br>At Morty, we\u2019re focused on helping borrowers from all backgrounds achieve their homebuying goals. Check out our <a href=\"https:\/\/www.morty.com\/resources\/money-matters\/self-employed-homebuying-guide\">step-by-step guide to help you navigate the home buying process<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plenty of buyers, few sellers While the Fed raised interest rates again this week, by&#8230;<\/p>\n","protected":false},"author":30,"featured_media":5941,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_lmt_disableupdate":"","_lmt_disable":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[611],"tags":[63,564],"series":[562],"class_list":["post-9661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-morty-report","tag-buying","tag-mortgage-rates","series-the-morty-report-newsletter"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin 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