Some home sellers will have to drop their asking price if they hope to remain competitive in today's housing market, which is showing signs of a massive cooldown from its pandemic-related highs.
As Americans watch their wallets, home buyers are less likely to purchase high-priced homes with accompanying elevated mortgages, opting instead to rent or hold out for less expensive options. The higher rates - currently around 6 percent - mean sizable monthly payments compared to what was seen during the pandemic, when mortgage rates were low around 3 percent.
