For those who anticipated the market shift this isn't news to you.
Whats currently happening:
Homes are sitting longer
Sellers are reducing their prices
This time of year (Holiday Season) is the slower time of year (lower # of new listings)
Interest rates have been going up = buyers are getting nervous
People are affraid of a market crash. I don't like the word crash. The market will slow down, it was destined too. We were at record sales prices and historically low interest rates that were eventually going to go the opposite direction. Crash is too harsh of a word to use and that causes a lot of fear for buyers and sellers. When the market crashed in 2008 we all know a lot of bad policies contributed to it. Buyers couldn't get loans and the market stalled. With this current slow down buyers will still see the value in owning versus renting, sellers will still need to move, downgrade, upgrade, etc etc. Most importantly loans are still available. There is a huge difference between a slow down and a crash. As a seller and buyer you have to know the difference and plan accordingly.