Buyers’ fatigue is real

Green Escrow | Real Estate News

As interest rates continue to rise, more would-be homebuyers are dropping out of the competition saying they don’t want – or can’t – engage in bidding wars.

Moreover, realtors selling homes for under $1 million are reporting that more of these homes are selling closer to the asking price.

Homes priced at $2 million and over are not as adversely affected by the rise in mortgage rates, according to analysts.

How buyers fatigue is affecting the market

Green Escrow | buyer regrets

Home prices are at an all-time high, inventory remains low, bidding wars are common, many offers are all cash, often 10 to 20 percent over the asking price.

First-time buyers have it even rougher with approximately 68 percent saying they found the home of their dreams but were not able to purchase as they were either outbid, unable to secure financing, or the home failed the inspection

And some would-be homebuyers are giving up or, at least, taking a break.