The U.S. housing market is currently experiencing a significant imbalance, with sellers outnumbering buyers by about 500,000, the largest gap on record.
▶ LISTEN TO ORLANDO’S MORNING NEWS EXPRESS PODCAST ON WDBO
This imbalance has been exacerbated by economic uncertainty, high borrowing costs, and rising home prices, leading to frustration on both sides.
Despite sellers slashing prices to attract buyers, the market remains challenging, with home prices soaring during the pandemic and limited inventory causing bidding wars.
Experts predict that prices may fall as the market adjusts to the surplus of sellers, with sellers increasingly willing to lower prices and offer incentives to attract buyers.
Click here to download our free news, weather and traffic app. And click here to subscribe to our daily 3 Big Things newsletter.