The real estate industry is experiencing a dramatic change.
Realtors say over the last two weeks, they have seen the market go back to what it was like almost a year ago before the big boom.
Key contributors to the drastic change are interest rates increasing from 2% to 6% and the price of lumber decreasing.
Robert Murray from Key Real Estate says you will have less competition if you’re looking to buy a house.
“The market was going up so fast everybody thought if they listed it for $500,000 they would end up selling it for $800,000, and they’d have a bidding war while there were a lot of bidding wars. But those are pretty much that’s what’s come to a screeching halt,” said Robert Murray Real Estate Associate Broker at Key Real Estate.
Murray also says if you want to sell your house, it will be easier to get an appraisal now that the market has cooled.
