{"id":212,"date":"2023-08-01T18:09:00","date_gmt":"2023-08-01T18:09:00","guid":{"rendered":"https:\/\/blogarchive.utc.edu\/crer\/?p=212"},"modified":"2024-04-30T18:22:54","modified_gmt":"2024-04-30T18:22:54","slug":"high-interest-rates-high-prices-low-inventory-for-chattanooga-area-estate-create-quandary-for-potential-homebuyers-sellers","status":"publish","type":"post","link":"https:\/\/blogarchive.utc.edu\/crer\/2023\/08\/01\/high-interest-rates-high-prices-low-inventory-for-chattanooga-area-estate-create-quandary-for-potential-homebuyers-sellers\/","title":{"rendered":"Interest Rates, Prices, Inventory Create a Quandary for Local Real Estate"},"content":{"rendered":"\n<p>CRER Research Scholar featured in an article in the Chattanooga Times Free Press&#8217;s Edge Magizine: &#8220;The broad trend here, says University of Tennessee at Chattanooga economist Bento Lobo, is that rates are currently higher than they have been in a long time, and are predicted to stay that way for a while. But while they&#8217;re not the best we&#8217;ve ever seen, they&#8217;re not the worst either.<\/p>\n\n\n\n<p>&#8216;From 2020 through 2022, we witnessed a bidding war,&#8217; says Lobo, the head of finance and economics in the Gary W. Rollins College of Business at UTC. &#8216;Buyers were competing over a smaller supply, which drove prices up.<\/p>\n\n\n\n<p>&#8216;But as interest rates have gone up, two things have happened: the supply side has been affected because homeowners are sitting on lower rates and are apprehensive to move; but also, new buyers are holding off because higher rates mean higher monthly payments.&#8217;<\/p>\n\n\n\n<p>And while the current rate that&#8217;s hovering at 6% or 7% seems high, historically speaking, we&#8217;re somewhere in the middle of all-time highs and lows, he says. During the 1980s, 30-year mortgages were in excess of 18%. The lowest was 2.6% early in 2021.<\/p>\n\n\n\n<p>Lobo also highlights the challenges faced by renters in the housing market. Increased interest rates and housing costs have led to a rise in rental rates, sometimes matching or exceeding the cost of mortgage payments.<\/p>\n\n\n\n<p>&#8216;If you&#8217;re not an existing homeowner, mortgage rates are high and the cost of homes are high too, so people rent,&#8217; he says.&#8221;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.timesfreepress.com\/news\/2023\/aug\/01\/high-interest-rates-high-prices-and-low-inventory\/\">Read the article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CRER Research Scholar featured in an article in the Chattanooga Times Free Press&#8217;s Edge Magizine: &#8220;The broad trend here, says University of Tennessee at Chattanooga economist Bento Lobo, is that rates are currently higher than they have been in a long time, and are predicted to stay that way for a while. But while they&#8217;re&hellip; <\/p>\n<p class=\"more-link-wrap\"><span><a class=\"more-link button text\" href=\"https:\/\/blogarchive.utc.edu\/crer\/2023\/08\/01\/high-interest-rates-high-prices-low-inventory-for-chattanooga-area-estate-create-quandary-for-potential-homebuyers-sellers\/\"><span>Continue Reading <\/span><\/a><\/span><\/p>\n","protected":false},"author":2009,"featured_media":213,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-212","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-media","8":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Interest Rates, Prices, Inventory Create a Quandary for Local Real Estate - Center for Regional Economic Research Archive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogarchive.utc.edu\/crer\/2023\/08\/01\/high-interest-rates-high-prices-low-inventory-for-chattanooga-area-estate-create-quandary-for-potential-homebuyers-sellers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interest Rates, Prices, Inventory Create a Quandary for Local Real Estate - Center for Regional Economic Research Archive\" \/>\n<meta property=\"og:description\" content=\"CRER Research Scholar featured in an article in the Chattanooga Times Free Press&#8217;s Edge Magizine: &#8220;The broad trend here, says University of Tennessee at Chattanooga economist Bento Lobo, is that rates are currently higher than they have been in a long time, and are predicted to stay that way for a while. But while they&#8217;re&hellip; Continue Reading\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blogarchive.utc.edu\/crer\/2023\/08\/01\/high-interest-rates-high-prices-low-inventory-for-chattanooga-area-estate-create-quandary-for-potential-homebuyers-sellers\/\" \/>\n<meta property=\"og:site_name\" content=\"Center for Regional Economic Research Archive\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-01T18:09:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-30T18:22:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blogarchive.utc.edu\/crer\/files\/2024\/04\/102866817_102620894_Lobo-Bento-20-435_t800.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"1180\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Howard Wall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Howard Wall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blogarchive.utc.edu\/crer\/2023\/08\/01\/high-interest-rates-high-prices-low-inventory-for-chattanooga-area-estate-create-quandary-for-potential-homebuyers-sellers\/\",\"url\":\"https:\/\/blogarchive.utc.edu\/crer\/2023\/08\/01\/high-interest-rates-high-prices-low-inventory-for-chattanooga-area-estate-create-quandary-for-potential-homebuyers-sellers\/\",\"name\":\"Interest Rates, Prices, Inventory Create a Quandary for Local Real Estate - 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