Yikes! Interest rates went up 1% from 3.5%-4.5% and this definitely put the brakes on for many buyers. Even though this is still an historically low rate, buyers who feel like they missed the window of opportunity stopped shopping. Once they figure out that rates are not going to come back down, but may indeed keep crawling up they will be back.Homes are now sitting on the market for 30+ days, and are seeing some price reductions. So sellers it's not the same frenzied market and you have to price your home realistically. The panick buying period has come to an end for now. So don't over price your home and cause it to sit on the market too long, as this will cause buyers to wonder, "what is wrong with THAT property". Price it according to the comps so it will appraise and your deal will close.
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