Buyers’ fatigue is real

As interest rates continue to rise, more would-be homebuyers are dropping out of the competition saying they don’t want – or can’t – engage in bidding wars.

Moreover, realtors selling homes for under $1 million are reporting that more of these homes are selling closer to the asking price.

Homes priced at $2 million and over are not as adversely affected by the rise in mortgage rates, according to analysts.

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