The housing market has been in flux for the past couple of years. After getting red hot during the pandemic, it began to cool in 2022 when mortgage rates headed higher after spending years near historic lows. That slowed buyer demand and allowed the number of homes available for sale to rebound. Now, hopeful home buyers and sellers are having to adjust to conditions that have changed drastically over the past three years. For example, a new report from the National Association of Realtors found home sellers struggling to find the right price in today’s market. “Price cuts have emerged as a key trend in this spring’s housing market,” the group’s June housing report reads. “With demand softening and competition increasing, sellers are adjusting – albeit selectively. In June, more than 1 in 5 listings saw a price reduction. Yet despite growing markdowns, national median list prices have held steady, suggesting most sellers are still anchored to peak-era expectations.” (source)
