Source: Realtor —
Cracks are beginning to appear in the red-hot housing market.
Spiraling mortgage rates on top of record-high and still-rising home prices are leading many experts to predict the real estate market is on the verge of a correction—if it isn’t already in one. They anticipate home prices will flatten, or even go down a bit, in certain markets.
Home sales have already been dropping; fewer buyers are seeking mortgages because they can’t afford the double whammy of high prices and rates on top of soaring inflation. Real estate agents are reporting smaller bidding wars and sellers cutting prices. Prices have even begun falling in a few parts of the country.
