Uncertain economy creates uncertain time for Tri-State real estate
QUINCY (WGEM) - Interest rates aren’t going down any time soon--they could actually increase.
The Federal Reserve made that announcement this past Wednesday.
A local historian said several factors have led to these uncertain times, including an auto workers strike, labor shortage and rising oil prices.
Even though history has been known at times to repeat itself, Quincy University history professor Dr. Justin Coffey said we’re living in strange times right now.
“We have a labor shortage,” he explained. “That’s not something this country is really used to, and with consumer spending so high and with oil prices rising, the fed is concerned with volatility in the market.”
Adams County homeowner Sally Westerhoff has Westerhoff residence for 35 years.
She’s now looking to downsize.
Westerhoff listed her home about two weeks ago and has been shopping around for a new home for several months.
“There isn’t much on the market,” Westerhoff said.
She said even though she wants to downsize, she doesn’t want to downgrade.
“We want kind of the same quality of what we have but just less to take care of,” Westerhoff said. “And something a little more convenient than where we’re at.”
She said she experienced a flurry of interest when she first listed her home, but not much this week.
“I think interest rates are definitely affecting it,” she said.
Coffey said a major auto strike has led to more uncertainty
“Most of the markers for the economy are actually quite strong,” he said. “Unemployment is low. Other parts of the economy are good. However, food prices oil prices still remain very high. And when you get an uncertain factor such as auto workers striking, it adds to the volatility, and the market doesn’t like that.”
Even though mortgage interest rates might change throughout time, one strategy has remained unchanged to increase a seller’s success--divine intervention.
They bury a statue of Saint Joseph in their yards, and then recite the saint’s prayer to help speed up a successful sale.
The federal reserve is scheduled to meet again at the end of October.
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