Interest rate hikes could cool the hot competition, but a shortage of homes for sale is likely to fuel price growth for months to come.
“The reason sales are shrinking is because there’s nothing to sell,” said Maynard “Doc” Stephens, a real estate agent with Keller Williams. “People are afraid to sell because, where would they go?” Would-be sellers would also be buyers, and as buyers they would have to contend with other bidders, many of whom put forward cash offers well above the listing price of a property.
The Federal Reserve is on an aggressive campaign to curb soaring inflation by raising interest rates — driving higher rates on everything from credit cards to mortgages. The first increase came last month, Until last month, the Fed held the interest rate at nearly zero, where it had hovered for two years. That historically low rate had made borrowing dirt cheap, and was intended to encourage spending and investments to help lift the economy out of pandemic-induced recession.
The new demand slammed a housing market already marked by anemic supply. Production of new single-family homes plummeted in the 2000s and remains atthat of the preceding four decades. Construction continues to be constricted by pandemic-era material shortages and supply chain delays.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First-time San Francisco home buyers still eager despite interest rates - The San Francisco ExaminerThe City’s white-hot market has made it an expensive place to live for years. People have made philosophical or financial concessions for decades. The difference now, with mortgage interest rates inching upward, is a highly competitive market.
Read more »
San Antonio restaurateur launches Asian American Pacific Islander Heritage Month passportCamille De Los Reyes of Sari-Sari Filipino Restaurant is spearheading the project. AAPIHeritageMonth AAPI SanAntonio SATX SanAntonioTX SanAntonioFood SanAntonioRestaurants
Read more »
10 best public high schools in the San Antonio area, according to U.S. News & World ReportThe U.S. News & World Report recently released a list of the best high schools in the San Antonio metro area.
Read more »
Tony Parker’s $19.5M San Antonio-area mansion is still for sale‘No kind of rush’: Tony Parker’s $19.5M San Antonio-area mansion is still for sale
Read more »
As Spurs expand reach, San Antonio should see the upsideThe next Spurs championship parade will float right down the River Walk, just like the...
Read more »
Large crowd gathers for abortion rights rally in San AntonioDozens of people crowded in front of the new federal courthouse in San Antonio on Tuesday night for an abortion rights rally one day after a leak from inside the nation’s highest court regarding a draft opinion to overturn Roe v. Wade.
Read more »