Serhant Calls US Housing a Rigged Obstacle Course as 30-Year Refi Rates Hit 7.11%
Updated
Updated · Fox Business · Sep 24
Serhant Calls US Housing a Rigged Obstacle Course as 30-Year Refi Rates Hit 7.11%
1 articles · Updated · Fox Business · Sep 24
Summary
Ryan Serhant said buyers now face a broader affordability squeeze than mortgage rates alone, with property taxes, insurance premiums and local rules stalling mobility across U.S. housing markets.
7.11% average 30-year refinance rates and 3.7% year-over-year home-price growth in August are compounding those costs, after the Federal Reserve lifted its target range to 3.75%-4% last week.
Florida and Texas may lure movers with no state income tax, but Serhant said roughly 2% Florida property taxes, sales taxes and rising coastal insurance bills can erase the perceived savings.
New York City's pied-a-terre surcharge is also freezing activity among middle-tier buyers rather than forcing wealthy sellers to cut prices, he argued, adding that short-term policy choices can create broader market gridlock.
Charlotte and the Carolinas stand out as beneficiaries, Serhant said, because job growth, schools, safety and infrastructure increasingly outweigh headline tax pitches as mobile workers and investors choose where to live.