Local realtors: housing market slowing down

Published: Aug. 8, 2022 at 4:11 AM CDT
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QUINCY (WGEM) - You might be noticing For Sale signs staying outside houses for a longer than usual.

Local realtors said the red-hot housing market we’ve been seeing is starting to cool off.

Those Farlow Real Estate said they saw this coming back in May as the market started to slow down.

Managing broker Jeremy Farlow said around that time, people were panic buying houses but he said now with inflation rising and the Fed raising interest rates, people are holding off on buying houses.

“The last two years, you put a house on the market, priced well, and you’d have, 7 to 10 showings, two or three offers that very first night,” he said. “Now, it goes on the market and you’ll have a couple of showings, and they’re like, ‘I’m not really sure,’ because people are much more discretionary since it’s going to cost them much more to be able to buy the same house.”

He said even though it’s taking longer for homes to sell, prices still might stay high until the number of buyers in the market goes down.

Broker Matthew Farlow said with how long houses are staying on the market, it can be good for buyers.

“They’re finally able to have the time to truly look and think about what they’re looking for,” he said. “As opposed to feel rushed into having to only look at one right? Because if it sells the same day you can only look at that house that day so you have to make an offer,” he said.

Jeremy Farlow said if the Fed lowers interest rates, that could affect home buying as well as it could reduce mortgage rates and encourage more people to buy homes.

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