The Real Deal: Looking to buy or sell your house? A look at the NY housing market
Those looking to buy or sell a place are certainly feeling the impact of interest rates.
News 12’s Kristie Reeter has The Real Deal on what the inventory is like out there.
Manny Pantiga with Pantiga Group is giving News 12 a look at the current housing market in New York.
"Interest rates have definitely put the brakes on the volume and the speed at which properties were selling,” says Pantiga.
Caleb Silver of Investopedia takes a closer look at the numbers.
"As the Fed has raised interest rates for the past 14 or 15 months. Mortgage rates have also gone up. They're now at 7.26%, higher than the national average" says Silver.
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However, there are positives.
Pantiga says sellers are still in a good position because there is still a shortage of inventory and there is a higher demand.
If you are a buyer he is says, you are also in a decent position.
"There is a significant reduced pool of buyers because of affordability, so they are able to negotiate better situations for themselves" says Pantiga.
Pantiga points out that if you buy now, you could refinance when the rate drops - locking in a home price before competition heats up.