Transcript
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With a CNBC YOUR MONEY minute. I'm Jessica Edinger. Hope for a strong spring housing market is fading as economic fallout from the war with Iran, higher gas prices and a questionable job market eat away at enthusiasm.
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Anytime we experience some any uncertainty in the real estate market, the knee jerk reaction for both our sellers and our buyers is to
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pause. Let's see what happens. That's Compass Realtor Dana Bull based in Boston. And here's Bram Partners Realtor Eric Bramlett based in Austin, Texas.
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You're just seeing buyers that were on the fence and deciding to buy are now on the fence and going the other direction saying I'm not going to buy.
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Here's our CNBC real estate correspondent Diana Olek. Higher mortgage rates have weakened purchasing power and concern over the war and the economy are now front and center. Mortgage rates have been rising since the war began. And as Americans worry about rising inflation, many are less inclined to make the decision to buy a home. Some would be home buyers who can afford to buy it. Today's mortgage rates may have an easier time than last year, though. Some sellers are watching properties go unsold for weeks, potentially making them more willing to lower that initial asking price or negotiate in other ways. Lots more on the real estate market. At cnbc.com, you can sign up for Diana's free Property Play newsletter there, too. I'm Jessica Edinger. CNBC. Is
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