How Rising Interest Rates Result in Lower Inventory

For the last several months we’ve had plenty of buyers; people ready, willing, and able to buy a house, but nothing to show them. This article from The New York Times sums up the situation quite nicely and explains how higher interest rates are behind the low inventory. (Spoiler alert – homeowners who might otherwise list their homes, are staying put because they’re locked into their very low-rate mortgages, and it would cost them more to borrow less at a higher rate!) But hang in there, the rates are bound to go down and hopefully, the floodgates will reopen with the new year!