Housing Market SHOCKER: Homeowners ARE EJECTING as Sales PLUMMET to Historic Lows!
Get ready for a REAL ESTATE CRISIS! Homeowners who snagged those ridiculously low mortgage rates during the pandemic are now jumping ship and putting their homes up for sale. But guess what? There’s a catch – buyers are nowhere to be found!
Yes, you read that right! January saw PENDING HOME SALES CRASH to the ALL-TIME LOWEST level recorded by the real estate giant Redfin, only slightly rebounding from a dismal dip during the pandemic’s most intense lockdowns! We’re talking a never-before-seen financial nightmare!
LOCKDOWN LAVISHNESS: The “Lock-in” Effect is CRUMBLING!
Hold onto your hats, because the so-called “lock-in” effect, where homeowners sat tight with their sweet 3% to 4% rates, is finally fading! Charles Wheeler, a real estate agent in the land of sunshine, San Diego, warns of an influx of homes hitting the market. Still, it’s a mere trickle compared to pre-pandemic days. Homeowners are fed up and ready to cash out!
SELLER’S MARKET Turmoil: Why Aren’t Homes Selling?
You’d think a surge in home listings would thrill eager buyers, but NOPE! With mortgage rates hovering around a staggering 7% and the average home price skyrocketing over $418,000, buyers are quaking in their boots! It’s a double whammy that’s leaving homes languishing on the market for nearly TWO MONTHS, hitting a five-year record!
January was a RECIPE FOR DISASTER with buyers hesitating and pulling out left and right. The shocking numbers speak for themselves—41,000 home purchase agreements got tossed aside last month! That’s a jaw-dropping 14% of all contracts, marking the worst January disaster since 2017!
BUT WAIT — Deals Are Slipping Through the Cracks!
Hold your horses! If you’ve got the guts to dive into this chaotic market, there could be some GLORIOUS deals waiting for intrepid buyers! According to Wheeler, buyers are wielding more negotiating power than ever before, thanks to the flood of homes available.
PRICE SLASHING Madness: Sellers Are Ready to Bargain!
In a turn of events that’ll make your head spin, sellers are slashing prices like there’s no tomorrow! A whopping 23% of sellers cut their asking prices last month—the highest since 2018! The dream of affordable homes is BACK, and it’s happening in hot markets like Phoenix (33.5% price cuts), Tampa (32.4%), and Dallas (28.7%).
Don’t just sit there—get out there and take advantage of this wild housing market! Your dream home could be just a price cut away!
photo credit: money.com
