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Tags: housing market

Housing Market Freezes Up, as Owners Pull Listings

Housing Market Freezes Up, as Owners Pull Listings
(Dreamstime)

By    |   Monday, 05 December 2022 05:02 PM EST

Home owners are pulling their properties off the market as they experience a sharp drop in demand, Bloomberg reports.

Not only are potential buyers not showing up to see their properties, but homeowners, along with their real estate brokers, expect increasingly high mortgages and a potential recession will keep the housing market mostly on hold for a year or two.

In the three months ended Nov. 20, 2% of homes were delisted each week, according to Redfin. A year ago, that average was 1.6%. Real estate industry insiders view that as a significant increase in sellers getting cold feet and say it is yet another sign that the real estate boom of the past decade is over.

Realtors think that as the market continues to become more challenging, fewer homes will be listed for sale, and more of those that are, could be yanked off the market.

For now, “some sellers are having a hard time grasping that we’re not in a housing market frenzy anymore,” says Hether Kruayai, a real estate agent with Redfin in Jacksonville, Florida. “It’s tough for them to swallow that they missed the boat on getting a high price.”

Delistings are highest in areas where people jostled to purchase homes during the pandemic, most notably in the Sun Belt.
 

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StreetTalk
Home owners are pulling their properties off the market as they experience a sharp drop in demand, Bloomberg reports.
housing market
215
2022-02-05
Monday, 05 December 2022 05:02 PM
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