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After years of red-hot real estate activity, the housing market is finally showing signs of cooling off.

Nationwide, rising interest rates, growing real estate inventory and fewer buyers are bringing about a sea change in a market that until recently felt like an out-of-control freight train. But are the days of wildly high prices and 12-buyer bidding wars over, or is this slowdown just a fluke? And just how much of an exception will popular markets like Traverse City be, if and when the economy dips into a recession?

We asked leaders from the top four real estate brokerages in town to weigh-in on this and more. They are (pictured clockwise from top left): Tommy Corbett, leadership team for Team Brick & Corbett, RE/Max Bayshore; Bart Ford, regional vice president, Coldwell Banker Schmidt; Dennis Pearsall, president of northwest Michigan and franchise divisions, Real Estate One; Brad Platt, owner, broker and co-founder of Century 21 Northland.