Real Estate: Asking Prices Plummet as Mortgage Rates Hit 20-Year High – Is It Time to Buy, Sell or Stay Put?

The real estate market, always a dynamic and ever-shifting landscape, has recently witnessed a notable twist. As mortgage rates soar to unseen levels in two decades, home sellers reevaluate their asking prices. Money.com reported that the average 30-year fixed mortgage rate hit a two-decade high of about 7.65% as of September 27, 2023. Data suggested buyers are distressed and sellers have little choice but to lower their asking prices. Competition is cooling off “remarkably fast,” even for this slower time of year, according to a fall outlook report from the listing site Zillow.

Housing Market 2023: 40 Places Poised for a Housing Crisis I’m a Real Estate Agent: 12 Costly Red Flags I Look for During a Home Inspection This development has left prospective buyers, current homeowners, and investors pondering a critical question: Is now the right time to buy, sell, or stay put?