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The housing market has changed in some areas, but some sellers haven't caught on. “Sellers need to wake up and realize that this is not 2021 anymore. Layoffs are ramping up, wages are stagnant and rates are over 7%,” one Northern California real estate agent said on Reddit last week.
In the post, the agent said listings are sitting for weeks even after sellers lower prices. “You are not going to get 10 offers in a matter of days for your house,” they added, pointing out that some homeowners still expect 2021-level demand and pricing.
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Many commenters pointed out that the market is now heavily local. While parts of California and Texas are cooling down, others like Westchester, New York and Columbia, South Carolina are still seeing homes sell quickly. One person said, “Houses in my neighborhood are flying off the market above list prices that are still higher than 2021.”
But in markets that are slowing, unrealistic pricing is a common theme. A San Diego agent shared that a client wanted to list at $1.4 million based on a nearby renovated home, even though hers needed $120,000 in updates to match it. “People are being very cautious with their purchases,” the agent said. “It will sell at the right price point, but many people have incredibly unrealistic expectations of what their homes are worth.”
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Buyers, too, aren't playing along. One Redditor said they made a below-list offer that was rejected. A week later, the seller came back and accepted it. Another shared, “We just completed option period 16% under list on a home, including some seller repairs before close.”
The frustration isn't limited to realtors or buyers. One commenter described a foreclosure that sat on the market for over a year at the same price as a new build. When the bank finally matched a buyer's earlier offer, the home still sat for months. “Banks are dumb!” the commenter wrote.
