05/26/2022
The Federal Reserves voted to increase interest rates so it's harder for people to borrow money. We have seen a strong seller's market since Builders/Developers have ceased or slowed down new construction because of the shutdown during Covid 19. Currently, we are seeing homes being bought/sold over listing prices by as much as 3%. The increase in interest rates will eventually bring the market back to an "even" market where homes will be bought/sold at market value.
"Fed policymakers said in March they expect rates to climb to nearly 2% on average by the end of this year, and close to 3% by the end of 2023. The Feds raised interest rates by the most in 20 years in hope of fighting inflation." -Scott Horsley
Source: https://www.npr.org/2022/05/04/1096111642/federal-reserve-interest-rates-inflation-prices #:~:text=Fed%20policymakers%20said%20in%20March,by%20the%20end%20of%202023.
Fed policymakers said in March they expect rates to climb to nearly 2% on average by the end of this year, and close to 3% by the end of 2023.
The Federal Reserve raised interest rates by half a percentage point Wednesday, in an effort to cool off demand and lower inflation. Consumer prices have been rising at the fastest pace in 40 years.
