Redfin reported late last week that the sudden surge in mortgage rates has reduced homebuyers' budgets in many markets, forcing sellers to reset their price expectations.
Such has been the case in red-hot markets like Phoenix, where area real estate agent Amy Gloyd, Realtor, at Jason Mitchell Real Estate, works. She tells GlobeSt that when she was pricing homes to sell in the past two years, she would list them for top dollar.
"Because of the supply shortage, we were very confident that our sellers would get what they were asking and possibly more," Gloyd said.
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