Treasure Coast realtors react to the Federal Reserve raising interest rates once again

With inflation sky high, the Federal Reserve is swooping in once again to try and stop the swell by raising interest rates. It will be the fourth raise this year. “Now things are sitting on the market and we’re seeing a lot of price reductions which can be great for the buyers that have been trying to get something as things escalated out of their range, ” Broker Kevin Kent said. Stay informed: Local coverage from WPBF 25 NewsBut the same buyers should know when the fed raises the benchmark interest rate that likely raises the mortgage rates higher. Broker Nathan Zieman predicts a rental wave. “Inventory is low for rentals and now there’s increased demand for it because interest rates are up and they now can’t afford the type of mortgage that they’re trying to get,” Zieman said.Kent has been a realtor in Florida for more than 35 years and says he’s used to these cycles and will come out just fine. It’s the record number of new realtors here that will be hurting. Never miss anything: Sign up for personalized newsletters and alerts from WPBF 25 News”There are a lot of realtors that have really been struggling to get inventory,” he said. He says those realtors that will now have to work harder for a paycheck from clients that can’t afford to spend at such a volatile time. “I am sensing a lot of fear and a lot of panic because its not just the interest rates going up and the prices going down, they’re feeling it at the grocery stores, they’re feeling it at the gas pumps,” Kent said. Follow us on social: Facebook | Twitter | InstagramBut Zieman doesn’t exactly see it that way. “I wouldn’t panic today. Everybody needs to take a breath and see what they announce tomorrow,” Zieman said. And he says with realty along the treasure coast currently in such high demand, if this next hike is too big of a hurdle for some, other new additions to the sunshine state will step up to the plate. “Here in south Florida, I always remain optimistic that the market continues to attract buyers from other parts of the country,” Zeiman said.

With inflation sky high, the Federal Reserve is swooping in once again to try and stop the swell by raising interest rates. It will be the fourth raise this year.

“Now things are sitting on the market and we’re seeing a lot of price reductions which can be great for the buyers that have been trying to get something as things escalated out of their range, ” Broker Kevin Kent said.

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Stay informed: Local coverage from WPBF 25 News

But the same buyers should know when the fed raises the benchmark interest rate that likely raises the mortgage rates higher. Broker Nathan Zieman predicts a rental wave.

“Inventory is low for rentals and now there’s increased demand for it because interest rates are up and they now can’t afford the type of mortgage that they’re trying to get,” Zieman said.

Kent has been a realtor in Florida for more than 35 years and says he’s used to these cycles and will come out just fine. It’s the record number of new realtors here that will be hurting.

Never miss anything: Sign up for personalized newsletters and alerts from WPBF 25 News

“There are a lot of realtors that have really been struggling to get inventory,” he said.

He says those realtors that will now have to work harder for a paycheck from clients that can’t afford to spend at such a volatile time.

“I am sensing a lot of fear and a lot of panic because its not just the interest rates going up and the prices going down, they’re feeling it at the grocery stores, they’re feeling it at the gas pumps,” Kent said.

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But Zieman doesn’t exactly see it that way.

“I wouldn’t panic today. Everybody needs to take a breath and see what they announce tomorrow,” Zieman said.

And he says with realty along the treasure coast currently in such high demand, if this next hike is too big of a hurdle for some, other new additions to the sunshine state will step up to the plate.

“Here in south Florida, I always remain optimistic that the market continues to attract buyers from other parts of the country,” Zeiman said.

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