ST. LOUIS (KMOX) – A snowy winter and bitterly cold temperatures have kept home buyers and sellers away from the market at least that’s what local real estate experts are saying.
Coldwell Banker Gundaker President Jim Dohr says prices are up about 8% from last year so far, but the pace of homes being sold is slowing down.
He says that’s probably due to weather.
“As a result, we believe people are holding off at least for the next few weeks in some cases, and they’ll be putting their properties on the market once the spring unfolds,” says Dohr.
And yet it could also be due to rising interest rates.
“They’re hovering around 4.25% to 4.3% on a daily basis and he’s projecting that rates, for that style of loan 30 year fixed rate, will go up to about 5.5% by year end,” says Dohr.
He says if that rise is gradual, it shouldn’t hurt the market. However, if there’s a drastic jump, it could scare people away from buying a home.