For years, people trying to buy homes had to move fast, compete with others, and often pay more than they wanted. Sellers controlled the market. But now, things are slowly changing. Buyers have a little more time to make decisions, and there’s less pressure to make offers right away. This shift is a small relief after months of dealing with high mortgage rates, expensive home prices, rising insurance costs, and very few homes for sale. It’s not a full buyer’s market yet, but it’s more balanced than before.
Sellers Are Having a Harder Time
Some homeowners are still listing their homes at very high prices, thinking buyers will pay anything, like during the early pandemic. But that’s no longer the case. Mortgage rates have gone up a lot, and buyers can’t afford as much as they used to. Many aren’t willing to pay extra or buy homes that need repairs. Sellers who expected quick sales are now waiting longer and sometimes lowering prices. The market is adjusting, and expectations on both sides are shifting.
Homes Are Taking Longer to Sell
Homes across the country are sitting on the market longer than they used to. In one metro area, the average home took 69 days to sell in February. That’s the slowest pace in at least seven years and 10 days longer than the same time last year. National reports show that at the current pace of sales, there are enough homes available to last nearly four months, more than at any point in the last six years. Some regions, especially in parts of Florida and Texas, are seeing much slower sales, with homes staying on the market for over 10 months.
High-End and Low-End Homes Face Different Problems
Luxury homes priced over $1 million are taking a long time to sell unless they are perfectly staged and move-in ready. Even wealthy buyers are holding off or being more careful with their money. On the other end, lower-priced homes under $120,000 are also sitting longer. These homes often need repairs, which makes them hard to finance with government-backed loans. For example, a small home in Minneapolis was listed for $139,000 after dropping nearly $100,000 from its original price. It’s been on the market for over half a year and needs major work.
Buyers Are More Cautious and Want Quality
Buyers today aren’t just looking for any house—they want value. With higher mortgage rates, they’re being more selective. Homes that are well-priced and in good condition are still getting attention and sometimes multiple offers, especially in the $350,000 to $500,000 price range. Many buyers are nervous about the economy, inflation, and other financial factors, so they want to make sure their money is going to the right place. Some are even buying homes remotely, using video calls to tour homes and make decisions without seeing the house in person. This shows how much the home buying process has changed.
