Home Sellers' Tough Summer: Get Ready for Lower Prices, Fewer Offers

Home sellers who enjoyed high profits and quick sales during the pandemic are now facing a tougher market. Mortgage rates have risen to 7%, discouraging both buyers and sellers due to increased borrowing costs. As a result, sellers may need to lower their asking prices or wait longer for offers, as buyers become more cautious and demand more concessions.

The real estate market is slowly balancing out, with more homes available for sale and buyers being more selective. While home prices are still rising slightly, the growth is modest, and sellers may need to adjust their expectations and prepare for longer sales periods. This shift towards a more balanced market is beneficial overall but requires sellers to adapt to the new conditions.