The US real estate market is starting to cool down as mortgage rates are on a steady rise. According to Mortgage News Daily, U.S. mortgage rates have skyrocketed from 3.29% to over 6.28% since early 2022.

Real estate sales have been decreasing for several months in a row amid rising mortgage and overheated housing prices, which are now 20% higher than last year, according to experts.

Real estate agencies Compass and Redfin have announced partial layoffs due to a significant decline in economic performance. In addition, demand for condos and houses in May was 17% lower than expected, Redfin CEO Glenn Kelman said.

Experts believe that the market decline will continue.

If you are a Seller in today’s market, it is extremely important to understand your market comparable properties and set a realistic sales price. A realistic sales price will help facilitate a transaction quicker than listing a property with the understanding of reducing the price at a future time.

Do current trends in the real estate market scare you? What do you think the future holds for the US?