“We were like, okay, we’re stretched as is. And if the interest rates keep going up, our confidence in being able to sell our current apartment [will go] way down,” Aarnes says. The couple decided to pull their offer. “So we are still in our one-bedroom, which we have rearranged so that there is a nursery for our incoming arrival.”For buyers still in the hunt despite the rates, the decreased competition means they can actually negotiate and take a night to consider their purchase.
Nonetheless, buyers must still contend with high prices because sellers have one major bargaining chip left: The number of homes for sale remains excruciatingly low. The same economic uncertainty keeping a lot of buyers on the sidelines is also discouraging many would-be sellers from listing. The scarce supply of houses on the market is the reason that prices haven’t declined more dramatically. .
Peter Anderson is getting ready to sell his home in Coeur D’Alene, Idaho. “We needed a new roof, which we went and did this summer, and we had to buy a new heat pump in the spring,” he says. “A year ago, we probably could have sold the house as-is and not had to do that.”Levack worked with buyers who put contracts on new-construction homes last December, when rates were about 3 percent.
“I’ve seen a lot of people who have listed a little high based on prices from the summer, early spring, and [the listings are] just kind of sitting there,” says Mackenzie Grate, an agent with the Machree Group in New York. “They’re not quite willing to accept that the market has shifted.”
The Biden effect caused high-interest rates for all new home buyers. That means an added few hundred dollars a month that you wouldn't have had to pay if under TFG.
I was interviewed but they didn’t include my quote “It sucked, and continues to suck, ass”
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