Orlando Buyers Scale Back As Home Prices and Mortgage Rates Increase
Buyers in Orlando have been brought to a halt due to increased home prices and rising mortgage rates, according to a recent report. As expected, the dwindling inventory in city adds major stress on home prices and mortgages rates.
"Since we lost out on an offer by $5,000 or $10,000 a couple of months ago, I've just said, 'Hold on,' because it just seems like everything is conspiring against us — the higher prices, the lack of inventory, the rates," said David Schrader, a 43-year-old product manager and married father of two who lives in College Park, according to National Mortgage News.
"... Although if you ask my wife, she still is ready to move."
Schrader's situation is one we've hear repetitively for the past couple of months in booming retirement areas like Orlando and cities with budding infrastructures and economies such as San Francisco.
"Other potential buyers are cutting their household budgets in other ways to make monthly payments fit or changing the terms of their mortgage," according to NMN.
"Shopping several lenders for a better rate rarely works, though. The national average interest rate for a 30-year fixed mortgage has jumped 0.8 percent since mid-September to 4.61%, according to Freddie Mac."
To learn more on how buyers are coping with the increased home prices and mortgage rates in Orlando, click on the image above.
