After months of skyrocketing real estate prices and bidding wars, homes are starting to become a bit more accessible, and the housing market is starting to slow down.
John Mayfield is the president of the Missouri Realtors Association. He said that yes, houses were going for way over asking price for a while. But now, things are getting a bit more affordable.
"So now all of that is kind of settled down, and there really are more attractive prices," Mayfield said. "We're seeing more price reductions even though interest rates have gone up a little bit."
Mayfield said he thinks the savings buyers are seeing on the sales price are offsetting any additional money they'll pay with a higher interest rate.
Plus, in Missouri, people who missed their chance to buy when the market was at its most competitive have another shot.
"Some of the buyers who wanted to purchase in the last 24 months and were pushed out of the market now have an opportunity to come back in and have their offers taken more seriously," Mayfield said.
