Local realtor gives advice as inflation and interest rates hit consumers hard
TALLAHASSEE, Fla. (WCTV) - This week, the Federal Reserve raised interest rates by half a percent, the largest increase in more than 20 years.
This will make it more expensive to pay for car loans, mortgages and credit card debt.
Dale Adams with Keller Williams Realty says the market is way out of balance.
Adams says right now it is an extreme seller’s market and there are not many houses on the market.
Last year saw record-low mortgage rates — below 3% — this week it’s at more than 5 percent, according to Freddie Mac.
Adams says it’s not unusual for houses to be sold within the first day or first few hours of when they are put on the market.
Since interest rates are expected to keep climbing, Adams says now is the time to make a decision on whether to purchase a home.
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