Here in Alaska, those in the real estate industry say that the recent decision by the Federal Reserve would push interest rates to about 7%. Joe Logan, the state president of Alaska Realtors, says higher rates come at a time when Alaska is already struggling to keep up with demand.
“You know, we have a lack of housing, and the problem is that there's not any place for that growth for people to move to the state to be able to move into not enough homes,” Logan said.
He says that could soften the impact of higher interest rates.
“It’s kind of, I think our inventory has been low enough that it kind of absorbs some of those adjustments.”
Rosetta Alcantara, the CEO of Alaska Realtors, shares that this could last for a while, saying, “You know, we can expect that, you know, the 7% is probably going to be for a while, you know, at least through this year. It's probably something that's going to be a reality.”
She adds that the housing market is a good key indicator of how the local economy is doing.
“When you have impacts like that, it's going to really, it's going to resonate across the state and especially in the different geographic areas, based on what their home, their housing market...