Rising interest rates cool down the home selling market

YANKTON, S.D.(WNAX)- Rising interest rates have cooled off a red-hot home selling market and one real estate agent says that may not be a bad thing.

Mason Schramm with “The Move Group” in Yankton says the whole selling – buying process has slowed down.

Schramm says it has been hectic for the past two years.

Schramm says rising mortgage interest rates are having an impact too.

Schramm says homes are now on the market for a few weeks as opposed to being sold in a matter of days as happened in the past year.