Today’s Housing Market
With its pivot to remote work and historically low interest rates, the COVID-19 pandemic generated an exodus of people from urban areas to suburbia and rural regions. Anxious buyers quickly snapped up real estate, leaving high demand and little-to-no supply. The resulting steep home prices contributed to an affordability crisis for much of the country and particularly, those in rural areas.
With inflation now at a 40-year high, the Federal Reserve has implemented a series of interest rate hikes — three so far and four more on the horizon — to battle inflation and curb demand in the red-hot housing sector. Those who waited to buy property now face a higher cost of entry with higher interest rates driving increases in monthly mortgage payments. However, along with the rising rates, there are signs that the housing market is beginning to cool, with most economists predicting a normalization in the months ahead.
USDA Loans for Rural Dwellers and Farmers
Living in a rural area, you know cost can be a barrier to entry when it comes to owning property. However, there are special USDA programs that provide clear paths to rural homeownership, helping to create thriving communities for future generations.
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