Have Interest Rates and Inflation Affected the Real Estate Boom?
Earlier this year, open houses were met with tons of people and long lines down the street. Now, some realtors say no one is showing up to look at homes. Some have said the shift is due to skyrocketing inflation, which has reached 9.1%, as well as interest rates that are approaching 6%. The rise of interest rates is creating huge issues for buyers who can not afford a mortgage, though they could just a few months ago, and sellers, who are being forced to reduce their asking price.