Interest rate increases affect Twin Cities homebuyers
As the Federal Reserve continues to raise interest rates to combat inflation, many in the Twin Cities are getting priced out of large loans for homes.
(FOX 9) – First time homebuyer Ivey Robinson has been searching for a new place to call home since January, with the help of her realtor Kyesha Williams of Coldwell Banker â Plymouth.
“Itâs been really crazy, weâve been looking for about five months, so itâs been a little hard, weâve been outbid at least seven times,” Williams told FOX 9 on Wednesday.
Down the stretch, Williams says homes were selling in just two or three days, with bids coming in anywhere from $10,000 to $60,000 over the asking price. But despite everything, this week Robinson has finally found a place to call her own. Sheâs moving into a townhome near downtown Minneapolis and the University of Minnesota.
“And so I feel like ultimately I won,” Robinson said….
