It’s A Very Different Conversation In February Than It Will Be In June Because The Market Has Completely Changed

Abstract

Nearly one in five sellers dropped prices during the four week period ended May 22, Redfin Corp. said. ‘Rising mortgage rates have caused the housing market to shift, and now home sellers are in a hurry to find a buyer before demand weakens further,’ said Redfin’s chief economist Daryl Fairweather. ‘We used to get 10 to 15 offers on most houses’ ‘Now I’m seeing between two and six offers on a house, a good house’. In Canada, house prices fell by six per cent in April, the second monthly decline in a row. The news follows a drop in both new and existing homes. As well, so-called end-users, or those who intend to use the condo as their primary residence, are in wait-and-see mode. 'You have both camps waiting for the shoe to drop. It’'s just fear right now’ he said. In Australia, house buyer sentiment has collapsed. �