Meet the homeowners who have been forced to slash their asking prices in a stagnant market. ‘It’s been a roller coaster of emotion’
Source: Fortune ·
Across the nation, a stagnant housing market is leaving many sellers in limbo, unable to relocate for a new job, buy their next home to accommodate a growing family.
From the source
Not long ago, a homeowner in America might reasonably wager they could sell their home fairly quickly, and for more than their asking price. That’s unlikely to be a winning bet now. Across the nation, a stagnant housing market is leaving many sellers in limbo, unable to relocate for a new job, buy their next home to accommodate a growing family, or follow through with other major life decisions that necessitate selling their home. Sellers who have the option to pull their listing off the market are generally doing so. Those who don’t are under increased pressure to lower their asking price and also kick in thousands of dollars toward a buyer’s costs, real estate agents say. The trend marks a stark turn from earlier this decade, when sellers often received well above their asking price as home shoppers empowered by rock-bottom mortgage rates fueled a buying frenzy that sent home prices soaring. Now, the market is stalled by surging mortgage rates, the compounding effect from years of…