That market is done. It’s completely dead, If you’re a seller, you have to get that out of your mind.

We’ve been expecting this price reduction or price decrease in the market for some time now. The question I get often is, ‘Should I buy? Should I sell?’ and my response is always, ‘It depends. It depends on your situation.

It’s both a buyer’s and a seller’s market...

What sellers are doing is they’re issuing credits to the buyer so that they can use those funds to do an interest rate buy-down. What that means is that they are able to decrease their monthly rate from say 7% down to 4%. For instance, say you’re selling a property at $640,000 as a seller. You’re going to give a $30,000 credit to the buyer. So, your net offer really is $610,000

My advice is for both sellers and buyers is to be patient.

If your goal is to sell, you have to be flexible with your pricing terms. Do that math and understand that if you’re greedy, you’re going to lose out.

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