How heightened inflation and interest rates are affecting our market.
What does the increase in inflation and interest rates mean for our real estate market? Interest rates are currently hovering around 5% and will continue to rise. However, the escalation of rates hasn’t affected our market much yet. You would think that with interest rates growing, home prices would be trending downward, but we’re not seeing that, and I don’t think we will for quite some time. That’s because our exceedingly low inventory is driving this market, and demand is greater than the supply.
The larger issue is inflation; we have the highest inflation rate we’ve seen in decades. The question we still have is how the world economic situation will impact us, and as time goes on, we’ll have more answers. I’m curious to see what happens within the next year, and I’m sure you are as well. I’ll keep you updated on what you need to know.
If you have any questions about our market or real estate in general, call or email me. I would love to be your real estate resource.