Housing: It’s No Longer a Seller’s Market

The housing market has rapidly changed. Sellers, once in the driver’s seat at the start of the year, are much more accommodating to complete a home sale as borrowing costs skyrocket for buyers.A growing number of home sellers have been forced to readjust their home prices in recent weeks. According to Redfin, an estimated 6.1% of homes for sale during the four weeks leading to June 19, asked for a price drop – a record high as far back as the data goes, through the start of 2015.That comes as mortgage rates hit 5.70% last week and are nearly 2.5 percentage points higher than the beginning of 2022, relegating some buyers to the sidelines with busted budgets.“If you overprice your home in any market, you’re going to feel resistance,” Lizy Hoeffer, owner and mortgage broker at Cross Country Mortgage LLC, said. “In the last three years, sellers have been able to get basically whatever they want for their house. We’re just not in a market like that right now.”‘Buyer budgets don’t stretch as far as they used to’The …