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2023 is shaping up to be a tough year for home buyers in the US
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Buyers are no longer able to overpay, and sellers are unwilling to lower their prices.
PHOTO: BLOOMBERG
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For two years, the housing market in the United States was a miserably competitive place. Prices soared by 45 per cent, bidding wars became commonplace, and houses flew off the market. The frenzy came to a screeching halt last spring as mortgage rates doubled in a matter of months, further driving up the cost of buying a home and freezing buyers out of the market.
But this spring, buyers have been hoping that maybe, this is their moment. Instead, they are walking into an environment that is still pretty miserable.
