Southwest Florida Realtor: Rising interest rates shouldn’t deter home buyers

There continues to be a low supply of single-family homes for sale in Southwest Florida, but for another reason than a year ago, said Matt O’Berski, a Realtor with Denny Grimes & Team, part of Keller Williams Realty.  

Whereas for the past couple of years, high demand limited supply, higher interest rates are now doing the same.  

A few years ago, rates were about 5.5%. Now, they are about 7.5% and could continue to creep higher if the Federal Reserve continues to raise rates to curb inflation.

“The reality is that, your rate – you’re never going to be married to that rate. You’ve heard this said before, but you date the rate, and you marry the home,” O’Berski said.

Homes that were selling within a week to 10 days a year ago are now taking a month or two.
The homes are on the market longer due to higher interest rates.

that makes buying more difficult but not impossible. It might require buyers to make some temporary financial sacrifices. Refinancing is a good alternative until interest rates fall down again.

“The average home price that’s selling is $410,000. I ran the numbers for a 7 percent and a year ago today, 5.5%,” O’Berski said. “The difference in monthly payment is going to be about $400 a month.”

That equates to approximately $13 a day.

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