property loan rates grew higher for the 5th week in a row, with the 30-year property loan rate hovering around 7.2%, according to Freddie Mac. With so much uncertainty in the industry, is now a good time to invest? Is there more to the story than just property loan rates?
The Connor Group Founder Larry Connor joins Wealth! to give insight into the property loan rate environment and what potential investors in the housing industry should keep in mind.
As a seasoned investor in multi-family real estate, Connor gives this advice: “Be patient. I think property loan rates, maybe not over the next six months or the next few years, we believe will moderate. Think about this, apartment communities versus homes. Apartment communities, if you’re going to build one, it takes three to four years from the time you start planning to complete it. That’s why the supply is delayed, and that’s why in a number of markets like Austin, they’re doing concessions because there’s way too much supply of huge building between 2020 and 2023.”
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