The Slow Down?

Well, the market has officially slowed down but the reason why isn’t what we expected it to be. With the high interest rate being over 5% buyers are not willing to over bid or get into a bidding war with another buyer, as the increase price of the home plus the interest rates lowers the buying power. In result, we are seeing homes stay on the market for a longer period of time, the amount of schedules showings have decreased and the amount of homes on the market continue to drop. Supply and demand, which drives the purchase price up extremely high and over asking. Is this the slow down, for the first time in 10 years? What are your thoughts? Read more here.