The U.S. housing market hit a turning point in May, with supply outpacing demand for the first time since 2019.
While the market has cooled slightly despite interest rates on the rise, it hasn’t made much of a dent in home prices. Experts say, when it comes to finding a home, patience is still the key.
“Last year or even two years ago when we might be competing against 20 or 30 other offers, maybe it's only 5 to 10 other offers at this point,” said Angela Thompson, of Monument Real Estate Services. “Buyer fatigue is definitely real. And there are some buyers who are just like, you know, ‘I can't compete.’”
Thompson also said the trend of waiving home inspections is slowing, but buyers aren’t always asking the seller to pay for repairs. Rates have risen more than two-and-a-half percentage points in 2022, after they were at an average of 2.93% this time last year.
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