Real estate agents and brokers say the housing market has cooled off significantly in Silicon Valley compared to just a couple months ago. But the cooling comes with a catch: interest rates are climbing, meaning a mortgage is likely going to be more expensive.
Realtor and broker Rigo Bracamontes says higher interest rates are keeping homes on the market longer, open houses are attracting smaller crowds and the multiple high bidders are disappearing. "Today, there will be many buyers that will be able to buy that three or four or five months ago were not just because the competition is not there any more," he said.
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