The Fed just made life even worse for home buyers
The Fed just made life even worse for home buyersJune 15th, 2018 by Allister Remigio
As the busy spring selling season comes to a close, some Americans see their dream of homeownership under siege on three fronts.
The housing supply is low. Interest rates are rising. And even Canada plays a foil: Tariffs on lumber have sent the price of construction sharply higher.
Those hit the hardest? People who are trying to buy their first homes, just as they are amassing the savings to make the leap to homeownership.
A tight housing market and rising interest rates are putting a new home out of reach for many. (Mike Segar/Reuters)
Buyers are facing a competitive market in which they need to move quickly, bid high and make other concessions if they want to land the deal, real estate agents say. And for every month that buyers strike out, the combination of rising home prices and higher mortgage rates can add hundreds or thousands of dollars to the cost of the home.
Andrew Stubblebine, 29, decided to get serious about his home search this spring after seeing that mortgage rates were rising and that home prices in Seattle climbed by more than 14 percent over the past year.
Source: The Washington Post