{"id":1539035,"date":"2022-07-05T06:49:14","date_gmt":"2022-07-05T10:49:14","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1539035"},"modified":"2022-07-05T06:49:25","modified_gmt":"2022-07-05T10:49:25","slug":"housing-its-no-longer-a-sellers-market","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/housing-its-no-longer-a-sellers-market\/","title":{"rendered":"Housing: It&#039;s No Longer a Seller&#039;s Market"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhousing-its-no-longer-a-sellers-market%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1539035&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The housing market has rapidly changed. Sellers, once in the driver\u2019s seat at the start of the year, are much more accommodating to complete a home sale as borrowing costs skyrocket for buyers.<\/p>\n<p>A growing number of home sellers have been forced to readjust their home prices in recent weeks. According to <a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-dipped-further\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Redfin\" class=\"link\">Redfin<\/a>, an estimated 6.1% of homes for sale during the four weeks leading to June 19, asked for a price drop \u2013 a record high as far back as the data goes, through the start of 2015.<\/p>\n<p>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.<\/p>\n<p>\u201cIf you overprice your home in any market, you&#8217;re going to feel resistance,\u201d Lizy Hoeffer, owner and mortgage broker at Cross Country Mortgage LLC, said. \u201cIn the last three years, sellers have been able to get basically whatever they want for their house. We&#8217;re just not in a market like that right now.\u201d<\/p>\n<h2><strong>\u2018Buyer budgets don\u2019t stretch as far as they used to\u2019<\/strong><\/h2>\n<p>The dream of homeownership is slipping out of grasp for many would-be buyers as costs rise.<\/p>\n<p>\u201cHomeowners thinking about moving should know that while recent sellers have enjoyed favorable housing conditions that included high prices and fast sales, the tide is shifting,\u201d Realtor.com Chief Economist Danielle Hale, told Yahoo Money. \u201cHigher rates and home prices mean that homebuyer budgets don\u2019t stretch as far as they used to.\u201d<\/p>\n<p>According to Realtor.com, rising mortgage rates have increased the monthly mortgage payment on a median-priced home an estimated 60% more than last year. The median monthly mortgage payment has jumped by <a href=\"https:\/\/money.yahoo.com\/mortgage-payments-174201759.html\" data-ylk=\"slk:$513 from the start of the year through May;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">$513 from the start of the year through May<\/a>, according to a recent report from MBA.<\/p>\n<p>For instance, in the most populated county of Washington State, King County, the average price is over $1 million, according to Adriana Perezchica, real estate broker and owner of Via Real Estate Group. Despite the challenges, Latinos there \u2013 which comprise a large portion of her clientele \u2013 are buying in the outskirts for an average of $550,000.<\/p>\n<p>\u201cMost of my clients are first-time buyers, with no knowledge or very little understanding on buying a property. \u201cThe majority work in the construction, labor and the hospitality industry,\u201d Perezchica said. \u201cThey dream of owning a home and are persuaded to buy because of the high cost of rent, however affordability is the main factor preventing them from purchasing a home.\u201d<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><noscript><img decoding=\"async\" alt=\"Real estate agents leave a home for sale during a broker open house in San Francisco, California. (Credit: by Justin Sullivan, Getty Images)\" src=\"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2022\/07\/05064918\/0a319200-1153-11ea-affd-7ef4924e03c7\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">Real estate agents leave a home for sale during a broker open house in San Francisco, California. (Credit: by Justin Sullivan, Getty Images)<\/figcaption><\/p>\n<\/figure>\n<h2><strong>Rising borrowing costs erode buyer confidence<\/strong><\/h2>\n<p>Other signs point to more reluctant homebuyers.<\/p>\n<p>\u201cDemand is still strong, but not nearly as much as three or six months ago when the market was at a feverish pace,\u201d President of WSFS Mortgage, Jeffrey Ruben, told Yahoo Money. \u201cWe would see multiple offers, sometimes 10, 12 or 15 people bidding on the same house. We\u2019re not seeing those stories today.\u201d<\/p>\n<p>As borrowing costs swell across the country, buyer confidence has ebbed. Approximately, 57.8% of home offers written by Redfin agents faced competition on seasonally adjusted basis in May, the lowest level recorded since February 2021. That\u2019s down from a revised 60.9% one month prior, according to <a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-homebuying-demand-dipped-further\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Redfin\" class=\"link\">Redfin<\/a>. It&#8217;s also a decline from 67.8% in April \u2013 and marks the fourth consecutive drop in bidding-war activity.<\/p>\n<p>\u201cThe frenzied rush to find a home and lock-in historically-low interest rates seen during the past two-plus years has been relegated to the history books,\u201d George Ratiu, manager of economic research at Realtor.com, said in a prepared statement. \u201cThe result is a softening housing demand, which comes as many homeowners are embracing the new normal and listing their homes for sale.\u201d<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\">\n<div>\n<div class=\"caas-img-container caas-img-loader\"><img class=\"caas-img caas-lazy has-preview\" alt=\"Only about 8% of Broward households can afford a single-family home at the median sale price. Experts worry how that might affect the area&#039;s service and hospitality workforces -- major pillars of the local economy. (Credit: Mike Stocker, Sun Sentinel\/Tribune News Service via Getty Images)\" data-src=\"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2022\/07\/05064921\/9402aac0-f6e1-11ec-babf-7af93ea50372\" src \/><noscript><img decoding=\"async\" alt=\"Only about 8% of Broward households can afford a single-family home at the median sale price. Experts worry how that might affect the area&#039;s service and hospitality workforces -- major pillars of the local economy. (Credit: Mike Stocker, Sun Sentinel\/Tribune News Service via Getty Images)\" src=\"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2022\/07\/05064921\/9402aac0-f6e1-11ec-babf-7af93ea50372\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">Only about 8% of Broward households can afford a single-family home at the median sale price. Experts worry how that might affect the area&#8217;s service and hospitality workforces &#8212; major pillars of the local economy. (Credit: Mike Stocker, Sun Sentinel\/Tribune News Service via Getty Images)<\/figcaption><\/p>\n<\/figure>\n<p>Contracts to purchase previously owned homes rebounded in May after declining for six straight months, likely due to a brief pullback in rates last month. The National Association of Realtors Pending Home Sales index, rose 0.7% as home shoppers in the Northeast region took advantage of the pause in mortgage rates surge.<\/p>\n<p>Still, homebuyers face harsh affordability conditions, with the <a href=\"https:\/\/www.realtor.com\/research\/may-2022-data\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:median listing price of $447,000\" class=\"link\">median listing price of $447,000<\/a> \u2014 pending home sales were down 13.6% from a year ago.<\/p>\n<p>The impact of rising mortgage rates and home prices has effectively cooled the housing market. Redfin data showed touring activity as of June 19, was down 6% from the start of the year compared to a 24% increase a year earlier. Mortgage applications were down 10% from a year prior, and fewer people searched for <a href=\"https:\/\/trends.google.com\/trends\/explore?date=2021-01-01%202022-06-19&#038;q=homes%20for%20sale#cmpt=q\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:\u2018homes for sale\u2019 on Google\" class=\"link\">\u2018homes for sale\u2019 on Google<\/a> during the week ending June 18, down 14% from a year ago.<\/p>\n<p>\u201cTypical first-time buyers are still in very short supply,\u201d Len Kiefer, deputy chief economist for Freddie Mac, told Yahoo Money. \u201cNow you\u2019ve got these super high rates, so it&#8217;s a big pinch for those first time buyers. Still there\u2019s a very strong demand despite some challenges.\u201d<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" alt=\"A sale pending sign is posted in front of a home for sale on March 18, 2022 in San Rafael, California. Sales of existing homes dropped 3.4% in May, as mortgage rates top topped 5%. Month-over-month, sales declined in three out of four regions in the US. (Credit: Justin Sullivan, Getty Images)\" data-src=\"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2022\/07\/05064923\/061e5a80-c63d-11ec-8bef-c6d667483a1e\" src \/><noscript><img decoding=\"async\" alt=\"A sale pending sign is posted in front of a home for sale on March 18, 2022 in San Rafael, California. Sales of existing homes dropped 3.4% in May, as mortgage rates top topped 5%. Month-over-month, sales declined in three out of four regions in the US. (Credit: Justin Sullivan, Getty Images)\" src=\"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2022\/07\/05064923\/061e5a80-c63d-11ec-8bef-c6d667483a1e\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">A sale pending sign is posted in front of a home for sale on March 18, 2022 in San Rafael, California. Sales of existing homes dropped 3.4% in May, as mortgage rates top topped 5%. Month-over-month, sales declined in three out of four regions in the US. (Credit: Justin Sullivan, Getty Images)<\/figcaption><\/p>\n<\/figure>\n<h2><strong>Inventory levels remain a concern<\/strong><\/h2>\n<p>Make no mistake: The home buyer pool may be shrinking, but it\u2019s still not a buyers\u2019 market.<\/p>\n<p>According to Joe Castillo, designated managing broker, co-owner of REMAX Mi Casa in Chicago, purchase activity was up 26% from a year ago in his brokerage \u2013 but a lack of available listings for sale has slowed housing activity.<\/p>\n<p>\u201cOur biggest concern at the moment, just as it was for the last two years, is the lack of inventory,\u201d Castillo said. \u201cWe have hundreds of pre-approved buyers looking for homes that do not exist due to a lack of financeable for-sale homes.\u201d<\/p>\n<p>Other indicators signal a competitive market still.<\/p>\n<p>Redfin data showed some 34% of homes that went under contract accepted an offer within one week of hitting the market, down 36% from a year ago. Meanwhile, 48% of homes went under contract within the first two weeks on the market, slightly down from 50% a year ago.<\/p>\n<p>Despite surging rates, homes for sale stayed an average 17 days on the market. According to Redfin, that\u2019s up from the record low of 15 days posted in May and early June \u2013 signaling fast paced buyer demand. Some 55% of homes sold above list price, Redfin reported, up from 53% a year ago.<\/p>\n<p>\u201cBuyers are very frustrated,\u201d Nadia Evangelou, senior economist and director of forecasting for NAR, told Yahoo Money. \u201cIt\u2019s very competitive and many first-time homebuyers cannot find a home and can\u2019t compete with existing homeowners with all cash offers from their built equity. However, with rising mortgage rates everybody is expected to be impacted.\u201d<\/p>\n<figure class=\"caas-figure\">\n<div>\n<div>\n<div class=\"caas-img-container caas-img-loader noheight\"><img class=\"caas-img caas-lazy has-preview\" alt=\"\" data-src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/YKfgJA_FwhtYpLTdye1h6A--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/ow2BpqlHNqsy3h27Lhb49w--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/rFTyOMZ9bPASuaG_H6CCBA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/wPHImLX3CsL1osi3tQxpAQ--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/IDSgx6YVnr3M0GgnZe5Viw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/MBfGtLRpPkraR8kqM1Ks2g--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/qBbNatEpAGU074UNBUJU4w--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/mP44Pehn31cioIIvAWMRJA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/nodypOBlBZlAP2Jt6Es0nw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/6fYhYNJGyQ3D4L2b6rbs.Q--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/bGtSbAzUERIdRT0Q2Sv59A--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/os\/creatr-uploaded-images\/2021-06\/b9c3cad0-c95d-11eb-989b-46491a92fac2\" src \/><noscript><img decoding=\"async\" alt=\"\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/YKfgJA_FwhtYpLTdye1h6A--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/ow2BpqlHNqsy3h27Lhb49w--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/rFTyOMZ9bPASuaG_H6CCBA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/wPHImLX3CsL1osi3tQxpAQ--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/IDSgx6YVnr3M0GgnZe5Viw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/MBfGtLRpPkraR8kqM1Ks2g--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/qBbNatEpAGU074UNBUJU4w--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/mP44Pehn31cioIIvAWMRJA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/nodypOBlBZlAP2Jt6Es0nw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/6fYhYNJGyQ3D4L2b6rbs.Q--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/bGtSbAzUERIdRT0Q2Sv59A--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MA--\/https:\/\/s.yimg.com\/os\/creatr-uploaded-images\/2021-06\/b9c3cad0-c95d-11eb-989b-46491a92fac2\" class=\"caas-img\" \/><\/noscript><\/div>\n<\/div>\n<\/div>\n<\/figure>\n<p><em>Gabriella is a personal finance reporter at Yahoo Money. Follow her on Twitter <\/em><a href=\"https:\/\/twitter.com\/__gabriellacruz\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:@__gabriellacruz\" class=\"link\"><em>@__gabriellacruz<\/em><\/a><em>.<\/em><\/p>\n<p><a href=\"https:\/\/money.yahoo.com\/\" data-ylk=\"slk:Read the latest personal finance trends and news from Yahoo Money.\" class=\"link\"><strong>Read the latest personal finance trends and news from Yahoo Money.<\/strong><\/a><\/p>\n<p><strong><em>Follow Yahoo Finance on <\/em><\/strong><a href=\"https:\/\/twitter.com\/YahooFinance\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Twitter\" class=\"link\"><strong><em>Twitter<\/em><\/strong><\/a><strong><em>, <\/em><\/strong><a href=\"https:\/\/www.instagram.com\/yahoofinance\/?hl=en\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Instagram\" class=\"link\"><strong><em>Instagram<\/em><\/strong><\/a><strong><em>, <\/em><\/strong><a href=\"http:\/\/youtube.com\/c\/yahoofinance?sub_confirmation=1\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:YouTube\" class=\"link\"><strong><em>YouTube<\/em><\/strong><\/a><strong><em>, <\/em><\/strong><a href=\"https:\/\/www.facebook.com\/yahoofinance\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Facebook\" class=\"link\"><strong><em>Facebook<\/em><\/strong><\/a><strong><em>, <\/em><\/strong><a href=\"https:\/\/flipboard.com\/topic\/yahoofinance\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:Flipboard\" class=\"link\"><strong><em>Flipboard<\/em><\/strong><\/a><strong><em>, and <\/em><\/strong><a href=\"https:\/\/www.linkedin.com\/company\/yahoo-finance\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:LinkedIn\" class=\"link\"><strong><em>LinkedIn<\/em><\/strong><\/a><strong><em>.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The housing market has rapidly changed. Sellers, once in the driver\u2019s seat at the start of the year, are much more accommodating to complete a home sale as borrowing costs<\/p>\n","protected":false},"author":1,"featured_media":1539164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1539035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1539035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1539035"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1539035\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1539164"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1539035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1539035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1539035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}