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The interest rate hikes that began in the third quarter of 2005 seemed to have dampened home sales through the year's end. As sales have begun to increase in 2006's first quarter, it is a good indicator that the market will actually stabilize and result in a "cooling" of some of the reputed "bubble" markets.
What does this mean for homebuyers and sellers? The stable market is a healthier environment for both buyers and sellers. A balanced market offers buyers more homes to choose from and less pressure to purchase immediately. Sellers may experience a marginal increase in market time but there should still be plenty of potential buyers.
Mortgage-seekers will need to be aware of rates through the spring and summer of 2006 as indicators continue to point to additional rate increases.