The days of frenzied bidding wars and offers well above asking price may be coming to an end as the housing market shows signs of cooling down.
Home sales across the country have slowed to their lowest pace in 16 years, according to the National Association of Realtors. Sales during what's typically the busiest time of the year are down 0.7 percent compared to the same time last year.
Crystal Dow, who is looking for a home in New York's Westchester County with her family, feels less pressure in today's market.
"We don't feel as pressed to put in an offer right away. We do see houses come up quite frequently," Dow told CBS News.
Real estate professionals are noticing the shift as well.
"I'm seeing a lot of buyers sitting on the fence," said Lizette Sinhart, a realtor with Christie's.
Sinhart notes that sellers now need to be more flexible than in recent years.
"So we're having to really talk with the sellers now like the markets changing slightly so we're gonna have to really negotiate those deals if things come up in the inspection or anything like that," Sinhart said.
Financial analyst Meredith Whitney offers a stark assessment of what's ahead.
"2025 is poised to be the slowest housing market in over 25 years," Whitney said.
Homes are staying on the market longer due to mortgage rates close to 7 percent, high prices, and economic uncertainty.
"So you have just a market that's gummed up," Whitney said.
However, this cooling market presents opportunities for buyers. Mortgage applications have reached their highest level since February of last year.
"It's been so long since buyers have had a market like this, where the odds weren't 100% against them," said Logan Mohtashami of HousingWire.
Some experts predict home prices will start to fall on a year-over-year basis by the end of 2025, a trend that has already begun in some of the nation's densest cities.
"Sellers are starting to give more concessions to buyers, which is a positive for the home buyer market," Mohtashami said.
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