Why the Housing Slowdown Isn't Lowering Prices

Everyone’s Waiting and No One’s Budging

You’d think with higher interest rates and slower sales, home prices would start to fall.

But that’s not what’s happening nationally or here in Pembroke Pines.

A new CNN report explains why: homeowners are locked into ultra-low mortgage rates and would rather sit tight than sell low and take on a higher payment.

Buyers, meanwhile, are walking away more than ever.

Read the article here:
👉 Read the CNN article here

Quick Recap (TL:DR):

• Key Points in the Article:

  • Millions of homeowners have 3% mortgage rates and don’t want to give them up.

  • Many sellers would rather pull their listing than drop the price or make concessions.

  • In August, 15% of contracts were canceled, the highest rate on record for that month.

  • Price cuts are happening, but only from sellers who are willing to adjust.

  • Stubborn pricing + high rates = fewer deals getting done, but prices are still holding.

  • Buyers are increasingly walking if sellers won’t budge on repairs or price.

More homes are being delisted - not sold - because of the disconnect.

Bottom Line:

This is exactly what we’re seeing in Pembroke Pines; stale listings, minimal price drops, and sellers holding out for “pandemic prices” that buyers can no longer afford.

If you're buying: focus on homes that have been sitting. Those are your best shot at negotiating.

If you're selling: the market's not dead but buyers are picky and price sensitive. Realistic pricing and flexibility matter more than ever.

Want help figuring out how this might impact your next move in Pembroke Pines?

I’ve got you.

Want the full story?
👉 Read the full CNN article here