1% Rate increase = 10% Decrease in buying power
The above infographic helps illustrate the shift buyers and sellers are feeling in the current real estate market. Increasing interest rates have led to fewer qualified buyers. Each 1% interest rate increase impacts a buyer’s buying power by 10%. Buyers simply cannot afford what they once could. As we navigate this shift we see an increase in housing inventory; fluctuating prices and a return of adjustable-rate mortgages
Christy Joyer
November 13, 2022