The impact of rising federal rates on the Orlando real estate market

The impact of rising federal rates on the Orlando real estate market

The Federal Reserve raised interest rates again on Wednesday. And while the goal is to get inflation under control, that means you’ll pay more for credit cards and mortgage rates. A local real estate agent explains what this could mean for our housing market. Chris Creegan is a broker and owner of his own property. CreeganGroup. Creegan said he’s not too worried about the impact the Federal Reserve’s latest interest rate hike will have on the Orlando real estate market. Creegan said the housing market has been out of whack since the pandemic, when interest rates fell to historic lows. be done? Yes. Did it all have to happen all of a sudden in two years? No, but I think the rates are kind of where they should be,” he said. Creegan said the Orlando market is somewhat unique because demand is always high. But he says he thinks rising interest rates could lead to lower house prices and that could actually benefit buyers in the long run. pay the highest prices,” Creegan said. Creegan said he fears the Fed is going too far, too fast. Even if the economy slows, he doesn’t think it will be anywhere near the crash of 2008. Would be surprised if we saw anything remotely near that. But will this affect the overall economy? I think it will,” he said. So what should people do? Even with higher rates, Creegan said it’s still a good time to buy a home. keep going up,” Creegan said.

The Federal Reserve raised interest rates again on Wednesday. And while the goal is to get inflation under control, that means you’ll pay more for credit cards and mortgage rates.

A local real estate agent explains what this could mean for our housing market.

Chris Creegan is a broker and owner of his own real estate company, Creegan Group.

Creegan said he wasn’t too worried about the impact the Federal Reserve’s latest interest rate hike would have on the Orlando real estate market.

“I think we’ll see rates go up a bit, but probably not as much as people think,” Creegan said.

Creegan said the housing market has been out of whack since the pandemic, when interest rates fell to historic lows.

He thinks the Fed’s rate hike was necessary, but wishes they hadn’t waited so long to do so.

“Was it supposed to be done? Yes. Was it supposed to happen all at once in two years? No. But I think the rates are kind of where they should be,” he said. -he declares.

Creegan said the Orlando market is somewhat unique because demand is always high. But he says he believes rising interest rates could lead to lower house prices and that could actually benefit buyers in the long run.

“So if you lock in the rate and it goes back down, you can refinance later and get a better interest rate without paying the higher prices,” Creegan said.

Creegan said he fears the Fed is going too far, too fast. Even if the economy slows, he doesn’t think it will come close to the crash of 2008.

“I would be surprised if we saw anything close to that. But will it affect the overall economy? I think it will,” he said.

So what should people do? Even with higher rates, Creegan said now is still a good time to buy a home.

“It will be cheaper to buy a house now, even with higher interest rates, because you can always refinance later and rents will continue to rise,” Creegan said.

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