Demand is going down as buyers leave the market

Quick article here from CNBC

https://www.cnbc.com/2022/07/0...

Basically Mtg rates are falling, but that is not keeping buyers in the market.

It is an odd market right now.

6 months ago I used to go to an open house on a Saturday and it was mobbed, today I am the only person there.

Sellers used to get multiple offers over asking.   Now they may only get 1 or 2 and they might not even be at asking price.

There is also a different phenomenon going on as well.  Agents and Sellers are still pricing houses below what they want for them, hoping that demand will drive up the prices.

However, there is not enough demand for the houses so the offers are coming in at or below the asking price.

This creates a unique conversation for me as a buyer's agent.  "Why didn't you accept or counter to our full priced offer?"  and the response is unique, we expected offers over asking and will not accept a full priced offer.

The message to sellers.....

The offers that you are getting is the market value of your house.

Time to accept that, either take the money or keep the house.