re: 42.3% of US home sellers are cutting prices

quote:

---

However, realtors have spent decades defending their entire existence with the message that the market is complicated and only a true professional can understand the dynamics of it.

---

I agree but that doesnt discount a buyer not being able to do their own math

So thats more of an excuse than anything. And would be a better example for when rates where 2-3%

I think what some people may be missing is that you identified “a” factor in housing prices, and it’s one reason that prices are sticky even as interest rates go up and houses sit on the market. Sometimes people have to move, and those houses go on the market. However, a significant portion of moves are more discretionary, and this is where the example of increased building costs rings true. Another, likely more significant incentive not to move is that so many people are in homes that were financed (or refinanced) at around 3%. That’s cheap money, and they’re not getting anything close to that on their next home.