As a real estate agent, I’m frequently asked, “How’s the market?” Reflecting on current trends, it’s clear we’re in a transitional phase. The COVID-era frenzy of record-high prices has given way to a more cautious market, driven by elevated interest rates and shifting buyer behavior. This has led to widespread hesitation among buyers and a significant uptick in price reductions.
Two recent experiences highlight this shift. First, we recently closed a deal on a Colorado property that lingered on the market for over a year. We priced it competitively, backed by solid neighborhood comps, but buyer interest was tepid. After several price cuts, the property sold for roughly 20% below the original asking price. Second, my daily review of the local MLS reveals a striking trend: today alone, there were 16 new listings but 42 price reductions—a pattern that’s become increasingly common.
This doesn’t mean properties have lost their inherent value. Instead, appreciation is slowing, and the gap between a property’s worth and what buyers are willing to pay in today’s market is widening. My advice to sellers? Price strategically and stay adaptable to align with current market realities.
