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Higher interest rates, low inventory a ‘double whammy’

Frank Wingfield, associate broker and vice president with NextHome Coast to Country Real Estate and the 2023 Realtor of the Year by Chesapeake Bay and Rivers Association of Realtors, recently weighed in on the current state of the real estate market in Gloucester and Mathews.

“Market dynamics are incredible right now,” said Wingfield.

He said the current 7 percent interest rates are high compared to the 3 percent rates typically seen during the past few years and prices have jumped up because of a lack of inventory.

“It’s a double whammy for everybody trying to buy,” he said, “whether it’s a young couple or a retiree wanting to sell and buy.”

Retirees are paying almost as much for their retirement homes as the homes they’ve lived in for years, he said.

But, although interest rates have risen, said Wingfield, they’re still “incredibly low historically,” and, after a wintertime slow-down, homes are now starting to sell fast. If priced properly, he said, a home is only on ...

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