rude awakening for home sellers
Want To Sell Your Home? Get Ready For Disappointment
Gone are the days of throwing up a for-sale sign and waiting for the feeding frenzy to begin. Agents now warn sellers to "buckle up."
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The Lede
The past few years were very good to people who decided to sell their homes. The massive relocation shuffle meant most homes hitting the market were the subject of bidding wars. Rich baby boomers jumped in with all-cash offers, and sellers scored huge windfalls as weary buyers pushed prices to new heights. Now, sellers' fortunes are changing. Home prices are still rising, at a modest pace, but gone are the days of throwing up a for-sale sign and waiting for the feeding frenzy to begin.
Key Details
- As buyers' options slowly increase, sellers may have to slash asking prices or wait longer for a viable offer to come along.
- Most painfully, mortgage rates have spiked to 7% from their record lows of less than 3% in 2021, which has not only deterred prospective buyers but also changed the calculus for many sellers.
- The peak months of home selling, which last from the spring into the middle of summer, may come with a rude awakening this year.
