Homes are just not selling at the pace they were just a few months ago. Because of this sellers are getting nervous, as the housing market cools down. Sellers are dropping their asking price to be more competitive.
More homes are steadily making it into the housing market. There is a steady but slow rise in the inventory for buyers. Even though Days on Market has risen, by about forty percent from last month. More sellers are coming into the market and looking for interested buyers.
Higher mortgage rates are a contributing factor to the cool down. The expectation is that rates will rise again before the year is out. This is causing many buyers to sit back with a wait and see attitude. Even home showings are down, as is general home inquiries by buyers
Homes of course are still being sold at a rising rate. Closings are down slightly. Some buyers are being priced out of the market which will open up the competition for the remaining buyers.
If you are buyer who can purchase now, this is possibly a good time to get the home you want at a price you are looking for. As I said in a previous article negotiation is back on the table.
It’s time to jump in! Since many sellers are willing to lower their asking price. Now you can negotiate to possibly get a reduction off the sellers list price.
By R. Jones
