Source: Yahoo! News —
Nov. 5—PENDLETON — When the time came to sell her mother’s condominium, Carole Edwards was cautiously optimistic that a buyer would surface quickly.
She was also aware, however, that the local housing market — mirroring several nationwide trends — is becoming increasingly challenging for buyers and sellers alike. She pointed to nearby neighbors also trying to sell their condo as evidence.
“They’re around the corner from my mom, and they’re sitting there (with) the interest rates going up, so it’s going to cost whomever a lot more,” Edwards said.
Last week, leading mortgage buyer Freddie Mac reported that the average rate on a 30-year mortgage rose to 7.08%. It’s the first time since April 2002 that the average rate has been above 7%, and the rate is more than double what it was a year ago at this time.
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Unfortunately it’s a necessity in order to stabilize the market after the market was taken hostage by so few during COVID.
So few meaning- The affluent, the Real Estate Corps., all of this -Rent to own- leaving the average buyer out to dry.
I have been in this three times since the ’80s- it’s not a pretty sight but it will stabilize if the listed above will allow it to and let the average citizen purchase a home and not have to bid $100K or $200K over Market just to own one.