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Feds Raising Interest Rates Makes it a Seller’s Market Feds Raising Interest Rates Makes a Seller's Market

By Alexis Raleigh

ALEXIS RALEIGH: The economy is not only effecting our gas prices and food prices but housing prices as well.
president and principal broker David Manzano Jr of my town realtor says that the economy and feds raising the interest rates are reasons why buying a house is more difficult than ever.

RALEIGH: Manzano says there are many components that make this the reason why it is other than buyers just being able to cash out.

DAVID MANZANO: The whole nut shell, the full inventory and the fact that the feds are raising these rates.

RALEIGH: Manzano says that the lack of inventory and buyers attempting to get in now because of the fear of what will happen in the market. He says that no matter what people need a house and that is what is driving prices up,
as buyers will pay any price at this moment to have a roof over their head.

MANZANO: Eventually it’ll go down so all these buyers that purchase one-hundred dollars over asking they’re going to be in trouble because they’re going to pay more than the house is worth.

RALEIGH: Manzano says that his current sale had a very similar situation and paid over one-thousand dollars over list price.

RALEIGH: My town realtor David Manzano Jr says that this house exactly was under contract, they missed about 10-11 thousand dollars because of what’s happening in the real estate market.

RALEIGH: even though prices of houses have increased, there has also been a spike in rent as well. apartment owner Alex Czerniak says that the price in rent is effecting how he spends his money, but hopes it will go back down over time.

ALEX CZERNIAK: I mean it’s unfortunate but it happened a few times before, so it’s nothing that the United States hasn’t seen so it’ll be fine in the end.

RALEIGH: Manzano says that the economy does effect the real estate market simply because it’s driven buy consumer confidence, but with that being said he said that him and his team will be fine in the residential sector because people will always need to buy and sell no matter what.

SYRACUSE, N.Y. (NCC News) — David Manzano Jr., who is currently the president and principle broker of My Town Realty, said that it is definitely a seller’s market.

Manzano said that there’s a lack on inventory and some buyers who are attempting to get into the market are afraid of what may happen. He said that no matter what, people need homes and that is what is driving up prices.

He said that buyers will pay any price, even pay thousands of dollars over the starting price, simply because people need a roof over their head.

“Eventually it’ll go down so all these buyers that purchase $100,000 over asking, they’re going to be in trouble because they’re going to pay more than the house is worth,” Manzano said.

This lack of supply is also effecting apartment prices as well.

Alex Czerniak, a renter, said that since his rent has increased he has been more diligent on how he spends his money.

“I mean it’s unfortunate but it happened a few times before, so it’s nothing that the United States hasn’t seen, so it’ll be fine in the end,” Czerniak said.

While housing is becoming more favorable for sellers, the Federal Reserve is still raising interest rates, which impacts house purchases and rent.

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