Federal Reserve interest hike could level Utah's 'unsustainable' housing market, expert says

An interest rate hike announced this week by the Federal Reserve will directly impact the housing market, but could the hike actually cool the way-too-hot housing market in Utah?

[mylesgray]

Last time rates were this high, you could get a decent house for $200k. Now houses cost 3X that much. I really don’t know how a $4, 000/month mortgage can be the new norm but that’s what it costs for a newish 3 bedroom right now. Too rich for me and I’m a mid career Mechanical Engineer. I guess there must be a lot of doctors around here.

[ilikebudlite]

Property tax increases havent hit the mortgage payments yet. Just wait

[Starfish]

They picked the least professional looking real estate agent possible.

[Steve-kxhd]

This is an agent who’s trying to make long-term income in an Sustainable market she’s forgotten that the cost to build these homes are double what they were two years ago plus the interest rates are double what they were four months ago interest rates are one thing the cost or another. She needs to educate her clients the right way

[steven]

Cash buyers don't care about interest rates.

[UtahGmaw]

My son has decided to sell his home and moving out of state. The housing market is out of control.

[johnboyle]

If you want the truth about a housing downturn don’t ask a realtor!

[spankadelik]

If you're fool enough to buy a house in this market you're going to lose it! And the same can be said for a car.

[Starfish]

You are NOT getting so much more for your money 🤦‍♀️

[sebass]

Real estate agents are so out of touch. All they see is dollars 💵 mean while the biggest housing market crash is right around the corner.

[hokeywolf]

It'll cool the market alright. Cash buying funds will continue to buy and rent to people who can't accumulate down payment money.