Commentary
Due to the Federal Reserve increasing interest rates at a record pace, the housing market has come to a standstill.
While we aren’t seeing dramatic discounts yet, significant price decreases are on the horizon as sellers will be forced to lower their prices to sell their homes. This is great news if you’re a buyer—but if you are a seller, this standstill in the real estate market is really affecting you. Speaking from experience, down cycles can be long and painful for sellers, and now is the time to be proactive and not reactive.
Currently, many sellers are reacting by slowly lowering the price of their homes. I like to call this “death by a thousand cuts.” Most buyers pay attention to their monthly mortgage payment when deciding what they can afford, so if you drop the price of your home by, say,  $20,000, and then rates go up the next month, the monthly payment just stayed the same or went up for your buyer….