“Before the interest rate hikes, the payment on a $500,000 home was right around $1,300 to $1,400 a month. Now, the payment on that same home is around $2,000.”
. The latest increase dismayed prospective buyers Mike and Cheryl Taylor of Kansas City, Mo., who say the higher rates have put their dream of relocating to St. George out of reach.
Joe Langston, part-owner of Keller Williams Realty in St. George, explains real estate agents have a rule of thumb — when interest rates go up by one point, it negatively impacts people’s buying power by 10%. For the 40 % of buyers in this market who pay cash, interest rate hikes don’t have much impact.
“[Builders] are looking for ways to keep deals together, whether that is buying down interest rates or offering discounts or what have you,” Young said. Despite such advice, he believes there are some agents, especially the newer ones, who will opt out of the profession. Prices are beginning to stabilize or drop slightly — between 5% and 7%, by Holland’s reckoning — but housing experts say the decrease won’t be anything like what the market saw during the Great Recession of 2008. The market and the demand for homes are too strong.
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