NOLA: Interest Rates + Insurance = Lower Prices

4WWL headline: Realtors say it’s now more of a buyers market

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

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.