NEW ORLEANS — Do you remember last year, if you were trying to buy a house, you were competing with half a dozen other potential buyers? All making an offer on the same house?
Well, realtors now say it’s a buyers’ market.
Rosalyn Moore listed her house four weeks ago, but it’s still for sale.
“The process isn’t going as quickly as we thought it might,” Moore said.
This time last year, houses were flying off the market, buyers paying over asking price and buying without appraisals and no inspections.
“Its taking a little longer because everything was selling so quickly before," Moore said.
She says hearing about the rapid fire market, she never thought her house would still be waiting for a buyer a month later.
“We may have to rent it instead of selling it and I am not crazy about that idea," Moore said.
Realtor Michael Zarou said the market is very different today, compared to this time last year. Interest rates then were around 2%, now they’re around 5%. Home owners insurance also pushing prices upwards.
“It’s a lot easier for buyers to negotiate to come back say after inspections and get a little bit of a discount," Zarou said. “The interest rates were so low and that’s not the case anymore.”
For buyers, realtors say this is a good thing. There’s less competition to get into the market, but for sellers you may have to wait to say goodbye to your home.