After two years of living in Dallas, Garret Johnson faced challenges in selling his home due to a lack of buyers and economic uncertainty in early 2024. This led him to rent his home, a trend observed among numerous homeowners in similar situations. Nationally, delistings soared by 47% in May, with many sellers hesitating to sell at lower prices. The current housing market provides buyers with more options, yet many sellers prefer to wait for higher offers, reflecting their equity positions and price expectations while institutional investors remain focused on key metro areas.
"There weren't many buyers, just lookers, and people were biding their time waiting for better rates," Johnson told CNBC. There was "a lot of economic uncertainty in those months, March and April, that we had listed the house, so I think that played a factor as well."
"This year's market is a study in contrasts," says Danielle Hale, chief economist of Realtor.com. "Buyers are seeing more choices than they've had in years. But many sellers, anchored by peak price expectations, are deciding to step back if they don't get their number."
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