A Texas homeowner asked for $750,000 to sell his house, but he couldn’t sell it and spent the money on repairs and lowered the price before selling.

texas Murphy’s Liz Suder put her 4-bedroom, 3.5-bathroom house up for sale in April last year at a price of 750,000 yuan. The home could not be sold until six months after it was listed. In the end, after spending 9,000 yuan on repairs, it took more than a year to sell the house for 650,000 yuan. Selling the house became a long and expensive process for Sudar. The price kept falling but no one took it.

The Cool Down points out that the Associated Press has also recently reported cases like usury are becoming more common, and sellers are increasingly making concessions and resorting to price cuts as their bargaining power wanes.

According to Realtor.com data, the national average home listing price in September this year was $419,250, down 1.2% from the same period last year, continuing the annual declining trend for 11 consecutive months. In September, about 21% of listings reduced their starting asking prices, the highest proportion in four years.

The main reason for this change was the cost of borrowing, the Associated Press reported. The average interest rate on a 30-year mortgage briefly fell below 6% in February, and then climbed to 7.4%, a new high in the past three years.

Mark Fleming, chief economist at First American Financial, explained this change by saying that the market dynamics have shifted from a seller’s market to a buyer’s market.

Redfin data cited by the Associated Press shows that in the 50 largest metropolitan areas in the United States, there are 63% more sellers than buyers. The total number of buyers is approximately 929,000, setting a record since 2013, while the number of sellers has reached a new high since 2020.

For many homeowners who need immediate relocation, the imbalance between supply and demand has put important plans on hold. Ethan Buttner, customer service manager in Troutdale, Oregon, is one of the homeowners in trouble. Buttner’s family accepted an offer of a larger home near Portland, but only if they first sold their current home. Buttner put the home on the market and initially asked $480,000. He later put down $30,000, but only one bid was received and the deal fell through.

The methods available to sellers are not complicated, although they are not very attractive, the Associated Press reports. They may lower the price, make concessions, make repairs, or wait quietly. Buttner replaced the floors and bought a new water heater and dishwasher to make the home more attractive, but now he can only wait and see what happens.

Buttner said she had always dreamed of having her own home, where all the children could have their own rooms, but now she felt trapped.