2022 inflation is affecting the housing market, driving up mortgage interest rates for prospective homebuyers as well as costs for renters.
Nehada Sinanovic, her husband and their two children currently live with her mother-in-law and need a bigger space. They've been searching for a house to buy for a year and a half.
On top of the low inventory, interest rates are going up. The average rate for a 30 year fixed loan is now around 6.5%. "Definitely if somebody knows they are not going to be here next year, they should not buy," Redzovic said. "Because when you sell a home, you have expenses to pay."
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