Local real estate agent talks housing market with rising inflation
CEDAR RAPIDS, Iowa (KCRG) - An Eastern Iowa Real estate agent says she’s been getting calls from buyers and sellers about rising inflation and interest rates.
This comes as inflation hit a 40-year high of 8.6 percent. Amy Wienands with Amy Wienands Real Estate out of the Waterloo-Cedar Falls area is telling buyers and sellers not to panic.
She says the rate increase is slowing down the housing market. She says homes are still selling, but it may take longer to complete a sale. Instead of a home being sold in a week, it may take up to three months, which she says is more normal than what we’ve seen over the last couple of years.
Wienands says there’s still optimism for buyers and sellers.
“I would say if you’re a seller that needs to sell your home, it’s still a good time,” Wienands said. “Are you going to see the craziness, probably not. Are you still going to see good pricing, most likely. For a buyer out there that’s been extremely fatigued, and said man I competed 15 times or 5 times and I just can’t, I’ve gone 20 grand over list price. They’re going to start have an opportunity to write an offer that maybe they’re not going to go crazy over list price.”
Wienands says buyers shouldn’t play the long game, since rates are projected to go up more this year.
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