PDX Real Estate 142: Panel Discussion - The Effect of Rising Interest Rates on Buyers and Sellers in Today’s Real Estate Market
The Portland Real Estate Podcast
Release Date: 04/25/2022
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info_outlineAccording to CNBC, today, buyers are paying 37% more for their payments on the same house because of a combination of higher interest rates and higher housing prices over last year. Diana Olick, CNBC Real Estate Correspondent says although closings and pendings have not changed, lockbox activity is down by 19% nationally for the month, an indicator that things are changing.
With inflation the highest it’s been since 1981, we’re seeing interest rates back up to where they were in 2009.
So how are these higher rates affecting the real estate market?
Brittany Gibbs is the Principal Broker at Move Real Estate with 25 people at her Brokerage and 15 team members. She’s been in the real estate industry for eight years and is the mother of two little boys ages four and five.
Heather Robbins has been selling real estate for approximately 20 years. She owns Robbins Realty Group, a small boutique brokerage in her hometown of West Linn with her mother, who has been her partner and mentor in the business from the beginning.
Kim Gellatly got her real estate license right out of college. She’s been selling real estate for 18 years and is the Principal Real Estate Broker at Berkshire Hathaway HomeServices with three buyer specialists on her team and much support as a mom and business owner.
On this episode of the Portland Real Estate Podcast, Brittany, Heather, and Kim join hosts Joe Fustolo and Steve Nassar to share their personal experiences with buyer and seller reactions to the rising interest rates.
Listen in for insight into how each member of our panel is going the extra mile to serve their clients through creative strategies to help them realize their dreams of homeownership while managing expectations on both sides.
Key Takeaways
How the higher interest rates are making it harder for buyers with more competition and less inventory
How to help first time and lower price point buyers through creative financing options
How to manage expectations for buyers who are seeing a decline in offers
How the increase in interest rates has increased communication between industry partners
How each member of our panel is meeting the challenge of the new market head on
Why our panel members are optimistic about the real estate market for the rest of 2022 and beyond
Connect with Brittany Gibbs
Connect with Heather Robbins
Heather Robbins on LinkedIn
Robbins Realty Group
Connect with Kim Gellatly
Kim Gellatly on LinkedIn
Berkshire Hathaway HomeServices
Connect with Joe
Connect with Steve
Steve’s Team at Premiere Property Group
Resources
Here’s How Much the Same Mortgage Costs Now, Compared to Last Year by Mike Winters, on CNBC
The Price of a Home Sold in March Set a Record, as Inventory Dwindled and Sales Fell by Diana Olick on CNBC
Masters in Real Estate Facebook Group