Marley Jay is a business news reporter for NBC News Digital.
In the housing market today, it feels like what goes up doesn't have to come down. It looked like home prices were finally cooling off late last year after price spikes that began during the pandemic. Nationwide, prices dipped gradually in the second half of 2022 as mortgage rates climbed in response to rising interest rates. And some areas where a lot of new homes had been built — like Austin, Texas; Boise, Idaho; and Charlotte, North Carolina — saw significant price declines.
On some properties, she said, they made offers while dropping mortgage contingencies — the mechanism buyers use as an offramp from a purchase in case certain issues arise — and went as much as $100,000 above the asking price on a house they were outbid on. None of that worked. She said they've decided to slow down and rent instead. 'We figure we'll rent outside of the city, get to know the towns,' she said. 'We feel like we missed out.
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