Real Estate Squeeze: Rising Interest Rates and Stubborn Sellers Price Out Middle Class Homebuyers

Source: Yahoo — 

SCOTTSDALE, Ariz., September 13, 2022–(BUSINESS WIRE)–HomeLight, the real estate technology platform powering the nation’s best agents, published its Fall 2022 Top Agent Insights Report, featuring findings from a survey of over 1,000 of the top real estate agents across the country.

Rising interest rates have begun a shift from a relentless, seller-dominated market. Over the last two years, more than 90% of agents consistently reported a seller’s market in their area. In our recent survey, however, only 51% of agents are now describing their current local market as a seller’s market.

Buyers have been impacted as well. Homeownership has become more expensive due to higher interest rates caused by inflation, reducing the number of buyers, and easing demand. Over 89% of agents reported that bidding wars were on the decline in their markets.