SIOUX FALLS, SD (KELO.com) — Higher interest rates are driving home sales lower as the Federal Reserve Board tries to control inflation by raising rates. Now, there’s talk that mortgage rates may drop slightly later this year. Century 21-Advantage broker David Shelton says there are plenty of buyers willing to purchase homes. He believes a drop in rates would spur some sellers into action.
With hesitant sellers, inventory has dropped. That makes the available listings prime target for plenty of attention.
When interest rates were low, home prices moved higher, and prices haven’t dropped much since then, as there are plenty of buyers searching for properties. Shelton says we were spoiled by the extremely low mortgage rates of the past several years, but he believes the public will adjust soon.
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