These are the 5 markets where home sales are cooling fastest: Sellers need to be ‘realistic’ about price, says broker

The U.S. housing market is starting to cool due to rising mortgage interest rates. Some sellers are being forced to change.

Bill said that sellers have to be more realistic.

San Jose, California, is cooling the fastest, with a new analysis showing median sales prices and inventory changes from February to May.

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Low mortgage rates in the last few years have caused some markets to get overheated.

The markets have returned to Earth more quickly now that mortgage rates are high.

At the end of December, 30-year fixed-rate mortgage interest rates were around 3%, but have risen to nearly 6% as the Federal Reserve hikes its benchmark rate to fight rising inflation.

The U.S. markets that have cooled the fastest over the past year are listed in the table below.

1. San Jose, California
2. Sacramento, California
3. Oakland, California
4. Seattle, Washington
5. Stockton, California

The US markets have been cooling the fastest over the past year.

1. Albany, New York
2. El Paso, Texas
3. Bridgeport, Connecticut
4. Lake County, Illinois
5. Rochester, New York

The same slow-down and pull back is happening at the higher end.

High-dollar homes in Northern California have been harder hit as 30-year mortgage rates have gone up.

A $1 million home with a 20% down payment may be more expensive than one with a 3% rate.

Fairweather said that it made someone decide to rent or move somewhere else.

As the market cools, sellers shouldn't expect one open house to draw multiple competing offers or bidding wars to 20% to 30% over the asking price. The days of those days are over.

He said to hire an experienced real estate agent or broker to help you figure out the right asking price. It will be the kiss of death if your prices are too aggressive.

If buyers are turned away by the initial high price of the home, they may think something is not right with it.

He said that every offer is a good one. If the buyer has been pre-approved for a mortgage, you should be willing to negotiate.

The current market doesn't offer as much leverage for sellers, but you may still get a higher price than before.

In the first quarter of 2020, the median US home sale price was $329,000, but two years later it was $429,000.