LOS ANGELES — Not long ago, a homeowner in America might reasonably wager they could sell their home quickly and for more than their asking price.
The market is stalled by surging mortgage rates, the compounding effect from years of rising home prices and an economic outlook dimmed by high inflation. Those factors are putting homeownership out of reach for many buyers while others delay a purchase and hope for more favorable conditions.
Sellers easily outnumber buyers and are stuck between uneasy choices: be more aggressive on price cuts and concessions to woo buyers, or hold out longer, even if it means delaying major life plans…