T
he housing market remains a pressing concern as many struggle to afford homeownership. Lawmakers are addressing the issue of available housing and affordability. The COVID-19 pandemic created a frenzy in the Southeast, with low interest rates and shutdown ordinances driving up demand. Realtor Amanda West describes this period as chaotic, with buyers racing to secure properties before prices rose.

    The market has since slowed due to high home prices and increased interest rates. The National Association of Realtors implemented new rules for agents following a lawsuit settlement, including eliminating cooperative compensation advertising on the multiple listing service. This change caused confusion among buyers and sellers, but West notes that agent commissions have always been negotiable.

    Recent rate cuts by the Federal Reserve have led to a half-point reduction in mortgage rates. According to realtor Gemonee Brown, while rates aren't directly connected, they tend to follow. The impact is significant, as lower rates reduce costs for builders and give them more flexibility with pricing. West advises buyers and sellers to be diligent when choosing an agent, opting for experienced professionals or those with access to senior agents.