Housing affordability crisis: Home sellers turn to concessions

#housingmarket #homeselling #yahoofinance #inflation

As mortgage rates continue to climb and shelter inflation uncertainties persist, many homebuyers are retreating from the housing market. With affordability challenges mounting, homebuyers are grappling with the harsh realities of diminished purchasing power and escalating costs associated with homeownership. In response to this unstable market environment, home sellers are turning to concessions as a strategic measure to attract buyers and facilitate transactions. Yahoo Finance's Rebecca Chen breaks down the details, explaining how the need to offer concession marks a "changing tide" in the market. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith

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[coronacorey]

Cmon now. The only seller incentive we want is a reduced price. The prices are ridiculous

[youssefhamidi]

Im in Florida and home prices have gone up 40-50% since 2021.

[ZuluNation]

Main stream media needs to het their head outta thier butts and realize its not about rates. Ita the prices. Higher prices mean paying way more in property taxes not only thay insurance goes up crazy because now theres a higher "valued" property we have to insure for. Ever think of how expensive things are? Well consider HOAs increasing. Why? They have to pay the laborers livible wages to provide for thier families as well since housing is so inflated just to even rent.

[nathanielcarreon]

Will never sell, house promised to adult kids

[lakdev]

Prices are crazy high need to go back to 2015 level to make it affordable.

[jijiji]

How about a lower price? These prices are nuts

[FeliPeltier]

I can’t even afford my taxes and home insurance anymore. It went up way faster than my pay.

[peterbedford]

Allowing someone to pay for something over a 30 year period with a fixed interest rate pretty much guarantees that prices will be higher for that product.

[PP-ozoj]

Even if fed cuts the rate by 25 basis points, home prices will shoot up atleast another 10%.

[MichaelChengSanJose]

Ugh, where is this magical land with seller concessions? Home prices in the Bay Area are shooting to new record highs with everything selling fast and way above asking.

[MrTom-klhy]

Every generation since WW2 has seen similar prices increases, and interest rates are only high compared to the interest rate SS and savers giveaway of the post great recession era. The only big difference is that Corporations taken over the "affordable homes for rentals" instead of single investors which has taken a lot more of affordable housing off the market for families. Oh and Airb&b as well...

[jamesstpatrick]

It take 18 months for interest rates to take affect.

[someguy]

If prices of the homes were lower I literally wouldn't care if the interest rate was 15%. What is wrong with the media pushing this mortgage rate narrative. Rate cuts means investors will inflate the market again

[maxdanielstrauss]

More puff pieces making it seem there’s some turnaround. All I hear is people can’t qualify for a loan. Period. They shouldn’t be buying. But normies will be normies and normies always make bad decisions. This is a sign of a terrible market.

[MFortunes]

If interest rates don't decline soon then home prices will have to pull back significantly.. Otherwise prepare for a bloodbath of housing price collapse.

[aposteriori]

Great time for big companies with funds to buy en masse and rent it out.

[MPK]

This housing market cannot sustain without huge price corrections.

[girlwithnoniche]

Zillow really screwed up the market and that’s just my opinion.