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More and more home buyers scratch their heads. Despite homes sitting on the market for several weeks or even months, prices remain high.
In a recent announcement of R/Realstate Subreddit, one Reddit user summarized it as follows: “In most places, home prices have doubled from Covido … And when you take the interest rates, you look at three times more money.
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In many parts of the country, homeowners still expect to refine the rise of pandemic housing – even if their expectations are outdated. According to one commentator, “many people seem to be selling, buying 2022-2023, so they paid the premium and even try to break, including closing costs.”
The result is uneven: too expensive auctions that are unsold until the sellers wait for offers that will never be disconnected. “People provide a house for $ 100,000 more than they bought in 2022, doing something for the house,” one person noted. “Then you observe how the price decrease is what they paid for it at the top.”
Many homeowners have mortgage rates less than 4%and do not want to give up new homes with a interest rate of 7%. “If I sold my house for myself, it would cost me $ 100,000,” wrote one person. Another added: “We will not be able to sell for many years because our house has not appreciated at all and the rates are now higher.”
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Even those who want to move are not necessarily hopeless. “I know that sellers are not greedy or deceitful. They just can’t move if the price falls much further, so they are ready to stay at home for a long time,” one commentator explained.
On the other hand, buyers are exhausted. After traveling, dozens of homes with prices and misleading auctions are inflated, and they find out. “As a country buyer, a million home with dishonest photos, I put those houses that were sitting forever with a few price drops in my low priority bucket,” said one buyer.