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Realtors say it's now more of a buyers market

Experts saying higher interest and home insurance rates are the reason for the housing slow-down.

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.

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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.

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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.

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