Estate agents are known for their sunny disposition.
Lindsay Garcia, a realtor in Miami, is no exception.
She talks about the city’s warm climate and low taxes,
both of which have lured a wave of footloose outsiders.
For much of the past two years agents enjoyed a bonanza.
Buyers fought to outbid each other,
waived property inspections and bought units sight unseen;
many paid well over the asking price.
Then mortgage rates began to climb this year,
cooling the frenzy a little.
Only houses that were newly renovated or ready to be moved into straight away
received multiple offers, Ms. Garcia says.
Now a fresh spike in mortgage rates seems to have slammed the brakes on altogether.