Housing Market Crash and FOMO

Most recently, the number one question I get asked is “Why are you buying?! The housing market is crashing!” It is true that the housing prices are rapidly decreasing because of rising interest rates. In the picture below from Realtor.com, many of the homes have green down arrows which means the price has been reduced. Skyrocketing mortgage rates are reducing seller profit expectations. If a seller wants to get rid of a property in the next few months, they are under pressure to sell it sooner rather than later because they have already missed out on getting the highest price. Case in point, my agent and I were able to successfully negotiate a property from $340,000 listing price to $275,000 to eventually $247,000. Sellers are now willing to accept reasonable terms instead of expecting inflated prices. As buyers we finally have some negotiating power. Take advantage of it like we are!