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Business & Economy

The interest rate hike and the Columbus housing market

In this Oct. 22, 2019 file photo, a sign stands outside a home for sale in southeast Denver.
David Zalubowski
Associated Press

The Federal Reserve raised the interest rate by three-quarters of a percentage point — the biggest hike since 1994. That follows a quarter-point increase in March and a half-point jump in May. How will that affect the real estate market in Central Ohio? Andrea Boegler of Keller Williams Consultant Realty in Columbus said she is already seeing some of the effects of the historic hike.

“It already has been a struggle and now we're kind of feeling a struggle in a different way. As of right now, I have one buyer that has had to back out of the market," said Boegler. She said the added cost of the interest rate was beyond the buyer's budget, and Boegler believes others will be forced to put their home buying on hold too.

She believes because of the demand for homes, however, the real estate market will remain steady.

“The reality is, people will always need to move," Boegler said. "There are always housing needs."

Williams was a reporter for WOSU. Natasha is an Emmy Award-winning journalist and has more than 20 years of television news and radio experience.