UPSTATE, S.C. (WSPA)- When it comes to housing in the upstate, is it a buyer’s or seller’s market?

While unpredictable, experts say there’s been a shift from a seller’s market to a buyer’s market.

Being able to cut down the price on a home may sound nice, but interest rates have more than doubled since this time last year.

A finance professor at Wofford College said rates were at three percent last September but currently sit at more than six percent right now.

Dr. Jim Stevens said economic growth increases demand, which increases prices which could impact a buyer’s market.

While national prices could see dramatic drops, that might not be the case for the Upstate because interest rates will collide with the steady growth in the area.

While those rates seem high compared to last year’s three percent, Dr. Stevens said to look at the long-term projections.

“The last ten years have been really low and at 6.7 percent right now for a 30-year fix, sure that’s high based on the last ten years,” said Stevens “in a long-term sense that’s still a reasonable and somewhat low-interest rate.”

Stevens said this is one reason real estate is so unpredictable so buying a home should almost always be a long-term investment.

“It’s going to take a while to get this under control so if you’re a prospective buyer I would not expect interest rates to fall back down anytime soon,” said, Stevens.

He said, “based on history I think it’s going to be a number of years for rates to stay up to kind of equilibrate the market.”

If you are not in the market to buy, Dr. Stevens said, it’s actually not a bad time to rent.

He said prices have increased for buyers faster than rental prices have gone up.