It's getting really tough to sell in our market right now, what are the rest of you seeing?

Little background, I'm an experienced agent and associate broker for Missouri and Arkansas. Have been listing and selling homes in SWMO/NWAR for a long time.

Right now, it feels like we are really in a bind to get houses sold. Homeowners have unrealistic expectations. So many sellers are coming to me and my team and saying "we bought this house in 2020-2022, waived inspections and paid over ask but now there are problems we don't want to fix." Well, guess what? Buyers are picky right now. But this is only one half of the problem.

The other problem is financing right now. On the homes we can go straight to market with and list where they should be without major concessions for problems the seller thinks "they shouldn't have to fix" for whatever reason, financing is falling through. At these rates and these valuations, we have just about exhausted the pool of people who could ever qualify to buy these things it feels like. We took a beautiful home, built a few years ago, move in ready to market, did the open house last weekend. Three people showed up, and none of those made offers. They all had lots of other properties to see first.

Inventory is sitting around so long we have sellers de-listing because they don't want the haircut. We will be fine, we don't have to sell houses right away to eat on my team. We have property management and commercial deals that give us some other income. But I have to wonder how the rest of the market is. This area has been a consistent demand market for decades. Nothing in the broader economy has really ever slowed this region down. But it feels like we have the perfect storm here. A big wave of "silly" deals where homes were sold with problems for way too much, followed by a huge jump in rates and buyers who, for this kind of money/payment aren't going to agree to fix ANYTHING without major seller concessions. We've also got sellers upside down on some of these, so it limits their options. I think some of them will probably start to let these houses go to back to the bank at some point rather than keep getting what they think are "lowball" offers. They don't have equity in them when they're upside down. They all "say" they don't have the money to invest in fixing anything. Puts us in a real pickle when trying to figure out how/what price to list...

submitted by /u/ozk_conservation
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source https://www.reddit.com/r/RealEstate/comments/1ryyi8z/its_getting_really_tough_to_sell_in_our_market/