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America's housing shortage is keeping home prices high (www.axios.com)

submitted 1 year ago by lumberjacked to c/news

59 comments fedilink hide all child comments

We’re also seeing a rapid increase in commercial vacancies with WFH. But there are big challenges and costs to turning commercial properties into residential.

I’ve heard a lot about the problems. Surely there’s some good ideas for a solution out there?

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[–] TehPers 2 points 1 year ago

So companies/individuals that purchased a historically low rates are/may be reticent to sell because they can't secure a loan with the same rates they currently have.

Can confirm, the interest rates have been a huge deterrent to me for selling my home and moving. My current interest rate is 2.75%, back when I was looking around I was being quoted around 7%, which would have had a significant effect on my monthly payments.

It's easier to wait out the storm and move when the interest rates (hopefully) recover. They seem to be improved since I last was looking at places, but I don't think I'll be abke to get a rate close to what I have anytime soon :(