In an article written by Sarah O’Brien for CNBC, she quotes a National Assoc. of Realtors article that states “Inventory remains tight and prices continue to rise nationally with nearly 40% of homes still commanding the full list price.”
Many homeowners are not feeling this housing recession because values in most areas are still high. However, the days of too many buyers and not enough inventory are changing. This indicates that home sellers will need to adjust their expectations to a lower sales price and longer time on the market.
This movement in the real estate market opens the door for home buyers to feel a more typical purchase experience, with some negotiation in price, but mortgage interest rates that are nearly double from the historic lows during the same period last year.
Read the full CNBC article here:
We’re in a “housing recession,” experts say. Here’s what that means for homeowners, sellers and buyers
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