The HOP (Home Ownership Podcast) Episode 80: Interest Rates Inch Up, No Build Up of Supply

Village Properties Realtor, David Charles Allen, reports that interest rates continue to inch their way up. While it's hard to predict, many experts believe that this trend will continue. This puts pressure on buyers to move quickly before higher interest rates make buying untenable. However, if rates do continue to rise, there may be a correction in home prices. Inventory remains low because even though sellers are likely to be able to sell their homes quickly and get their asking price, they'll be put in the position of having to find another home--which may prove to be difficult. David also explains that because home prices have gone up substantially, there are very few foreclosures. (Sellers who may have fallen behind in their payments usually have equity and are able to refinance or sell their properties.)