If you’re looking to buy or sell a house, has today’s soaring inflation rate affected your plans?
Seventy-three percent of people shopping for a home or selling one said they’d changed their plans one way or another because of inflation, according to a poll released Wednesday by real estate company Redfin. The responses varied, with some speeding up their timetables, others delaying them, and still others dropping out of the market altogether. The survey of 1,500 U.S. residents was taken Dec. 10-13 by research technology company Lucid on behalf of Redfin.
With inflation running at 6.8% according to the latest government data—the highest since 1982—those rising prices are bound to impact all sorts of financial decisions. Some buyers might even be snapping up homes as a hedge against inflation, some economists have speculated recently.
“Some people may delay buying because they’re worried that with prices rising on everything from food to fuel, now is not the right time to make a huge purchase,” said Daryl Fairweather, Redfin’s chief economist, in a commentary “But others might move faster to find a house because they’re worried home prices and rent prices will increase even more, and they want to lock in a fixed payment.”
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