Inman | Marian McPherson
Just as homebuyers have learned to navigate soaring home prices, sinking inventory and fierce bidding wars, the housing market has reached a new level of madness thanks to climbing mortgage rates, booming inflation and fears about the United States being pulled into the war between Russia and Ukraine.
The weather is changing, both literally and figuratively.
The sudden rise in home prices and interest rates has put buyers on edge, including a stressed-out young mother who Bizzarro said approached him about purchasing her first apartment after learning her rent would be increasing 25 percent. “We had a consultation and we got together, broke down her finances, and looked at that question: Does she buy now? Or does she wait?” he said.
Keep reading: Hurry up or wait: The big question on every buyer’s mind this spring
