Quote:
Originally Posted by JMintzer
unless the bought during the Covid Boom, and they're trying to flip the home for a huge profit . They're screwed...
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Some people are forced to sell for one reason or another. Not everyone who bought two years ago, and are selling today, are trying to flip their home for profit. But to the broader point, yes, they are screwed.
The re-sale market is definitely going through a correction right now. That doesn't mean the bottom is dropping out (as you correctly allude). However not everyone who is listing today has gotten that message and still list as though the market is booming for sellers. They are the ones who end up selling for 7-10% (or more) below their original asking price and thus making the casual observer think that the market is crashing. People who are pricing according to the current market still sell quickly with modest price drops. And some actually sell for list or even a little higher. If they have good listing agents (and listen to them) they price correctly and do well. Others.....not so much.