DES MOINES, Iowa — The Federal Reserve hiking the interest rate by .75 a point, the biggest raise in 30 years, is supposed to put a brake on inflation, which for Iowa’s housing market it might have.
Des Moines Realtor Brett Fine has seen a slight reduction in the pace in the housing market.
“We’re entering into a regular market not a down market,” said Fine “It’s been so crazy for so many years that now that it’s slowing a little bit people think the market is crashing, and we’re not, we’re just entering slowly into a normalized market.”
Fine says people will still get offers on houses, but maybe not as many all at once.
“We’re starting to see an uptick in new listings hitting the market,” said Fine. “It’s still very much a hot market but the competitiveness earlier this summer where we list a house and it gets multiple offers, that’s going to start to dwindle a little. But more homes are still going to sell.”
Fine said that pricing of a home is extremely important. Some want a higher price for a home because that’s what their neighbors priced their house at is not always a good plan.
“Over the next year to three years, we’re still going to see positive appreciation on a national level for home values,” said Fine “I think that’ll continue for sometime, before we get into a negative market.”