Pandemic-era home buyers faced incredible competition in the one time affordable markets at the height of the crazy market. But all that is changing due to several factors such as surging interest rates, high home prices, inflation and a falling stock market. No longer are we seeing 20 and 30 buyers all offering on the same property. We are now seeing those previous numbers reduced by almost 80%!!! This is causing a lot of buyers to backout and head to the sidelines to wait and see what happens next.

Redfin recently reported that, "Roughly 60,000 home purchase agreements were called off in June. That is equal to 14.9% of home that went under contract that month". That is by far the largest percentage on record, with the exception of the start of the pandemic. Right now, interest rates are at 5.50% and that's up a whopping 44% from a year ago.

Nationwide, agents are seeing the the days of the 20-30 offers as a distant memory. Today's market has worked it's way back to some balance where there was zero before. Sellers were is FULL command. You're probably saying, "Seller are still in control" and you'd be right. It's just not at the levels they were at before.

So what should you do??.....While the market is cooling, it's not coming to a crashing halt. House hunters who can still afford to buy should consider taking advantage of the slowdown given that there's way less competition