More homeowners are decreasing their asking price. That isn’t something we have seen very often. It is still a seller’s market. My advice to buyers is the same as it has always been.
If a home has been on the market for a couple of weeks don’t wait for the sellers to drop the price because when they do there will be multiple offers. Go ahead and make an offer for less than the asking price and be prepared to negotiate. The sellers might say no but they could say yes.
For houses that were just listed buyers can offer less than the asking price but most sellers will not accept less than the asking price right after they put the house on the market. Most would rather wait for a better offer.
In general housing prices are still rising but they won’t rise by much this year due to higher interest rates . . . . or at least that is my current theory.
Waiting for the price to go down rarely works but miracles can happen.