RE: Looking into 2026 and what can be ahead for US Housing Market
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It's pretty crazy even where we live to see that the demand is not where it was during the Covid days for houses, but the prices just don't seem to be coming down at all. Where houses used to sit on the market for a day before they were snatch up, now they are sitting out there for months. I don't know if that is people not being willing to lower their price because they remember the past market or if it is the real estate landscape over all.
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I think it is a combination of factors. Number one is that people know that they will have to borrow at much higher interest rates if they sell their home and buy a new one so incentive to lower prices is not very high. Second is the fact that you cannot lower the price too much as there are plenty of costs to sell and depending on the equity you built up you might walk away with almost nothing. And third like you said people are still remembering the 2022 when you could name your price and there would be a bidding war for it...
Yeah, sounds about right. It makes me wonder how long we will end up being stuck in our current house. It isn't horrible and we love the location, but we know it's not the place we want to live in long term.