The Strange Game of Chicken Happening Between Homebuyers and Sellers: Who Will Blink First?
The real estate game is at a stalemate that shows no signs of budging anytime soon, with neither buyers nor sellers willing to make the first move.
According to Freddie Mac, buyers are battling high home prices and climbing mortgage rates, which rose to 6.32% for a 30-year fixed-rate mortgage in the week ending February 16.
At the same time, home sellers, who enjoyed packed open houses and bidding war, are now battling to stand out from hordes of other sellers, as the pool of available homes soared 70% higher for the week ending February 11 compared with the same period last year.
Realtor.com® Chief Economist Danielle Hale in her analysis of housing data says, “The market’s abrupt adjustments over the last year have made it harder for all participants to determine their own boundaries, let alone figure out how to meet in the middle so that a transaction can take place”.
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By Margaret Heidenry
Published on February 17, 2023