The US housing market is witnessing a significant slowdown, with homes selling at the slowest pace in six years, amidst increased supply and hesitance among buyers. A recent Redfin report shows that while homeowners are attempting to price their listings competitively, many are struggling due to overpricing based on previous market peaks. Home sales have not only cooled, with properties taking longer to go under contract, but they are also now below pre-pandemic levels, highlighting an ongoing imbalance between supply and demand amid economic uncertainties.
Because they bought at the peak of the market, they're overpricing their homes to try to recoup their investment. Sellers are competing with one another, and buyers are sparse, so pricing your listing reasonably is everything right now.
The typical US home went under contract in March after 47 days on the market, according to Redfin. By comparison, homes in 2022 took less than half that time.
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