The chart to the left shows the average monthly payment for a mortgage nationwide and clearly demonstrates the effects higher interest rates have on buyers. The average buyer now is paying twice what the average buyer was paying just five years ago. Naturally many buyers are waiting – or are forced to wait – for a better opportunity. Many sellers are electing to wait for a market with more buyers. What is the effect of our area’s home prices? Are these buyers and sellers missing a great opportunity? Find out by clicking the image below and watching our latest market report.
