<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2KFi5H_0vleP5lk00" alt="https://img.particlenews.com/image.php?url=2KFi5H_0vleP5lk00" width="900" height="506" ></figure>CANFIELD, Ohio (WKBN) — The housing market has been hot, and now the Federal Reserve has cut interest rates. But will it have an impact on the Mahoning Valley?For the first time in four years, the Fed cut the rates by half a percent. Samantha Aldish, president of the Youngstown Columbiana Association of Realtors, said the rate cut and lower mortgage rates could give people more buying power, but the market is still tight. Demand is outpacing inventory, and there is only one way to fix that.“Until we build homes, the inventory is going to stay the same,” Aldish said.Aldrich says the simple economics of supply and demand are weighing heavily on the market.Despite the overall market across the state being down about 3%.“I probably have 25 people who would buy a house tomorrow if we could find an affordable house that’s been updated,” Aldish said. The biggest ability is affordability. Housing prices continue to rise, but the Mahoning Valley is still less expensive when compared to most of the country.“The problem is we were so far behind compared to the rest of the US that, unfortunately, we’re coming up in record pace and catching up to the rest of the world,” Aldish said. While we’ll likely never see interest rates as low as they were during the COVID-19 pandemic, rates right now are right around 6-7% with a good credit score.The good news is you always say don’t be afraid to buy now because even if it goes down 1%, you can always refinance,” Aldish said. So, it will never go up from there (if it’s a fixed rate) but it can always come down.”So what’s your best bet when it comes to buying right now? Aldish said to buy an older home that needs some love and go from there.“Say you buy the home this year and you are in it for two years and it’s appreciating for 7% right now. You can’t get a savings account that’s appreciating at 7%, so you’re not losing,” she said.According to Freddie Mac, the average rate on a 30-year fixed-rate loan fell to 6.09 percent.Copyright 2024 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.For the latest news, weather, sports, and streaming video, head to WKBN.com. </div></body>

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Local realtors say rate cut won’t do much for inventory

CANFIELD, Ohio (WKBN) — The housing market has been hot, and now the Federal Reserve has cut interest rates. But will it have an impact on the Mahoning Valley?. For the first time in four years, the Fed cut the rates by half a percent. Samantha Aldish, president of the Youngstown Columbiana Association of Realtors, said the rate cut and lower mortgage rates could give people more buying power, but the market is still tight. Demand is outpacing inventory, and there is only one way to fix that.