Interest Rate Hikes Impact Summit County's Housing Market, Say Real Estate Agents
Real estate agents in Summit County, Colorado, believe that the recent interest rate hikes by the Federal Reserve are contributing to a decline in real estate transactions. The higher interest rates make borrowing more expensive for mortgage companies, potentially leading to higher mortgage payments for homeowners. This, coupled with local short-term rental regulations and limited inventory, has resulted in a stagnant housing market with fewer transactions, longer days on the market, and a slight drop in home prices.