Psst, Homebuyers: It's Your Market Now

For those tired of a barrage of stories about real estate booms, sellers' markets, multiple offers on a mediocre house in the first six seconds it was listed, and buyers having to all but leverage their firstborn to land themselves a house—well, we have good news. For those looking to sell their homes, however, look away, per CNN. After years of buyers vastly outnumbering sellers, the tide has turned, and real estate brokerage Redfin reports that it might be a rip current: The 1.9 million people looking to sell their homes outnumbered homebuyers by about 500,000 last month, the widest spread between the two since tracking began in 2013. "In other words, it's a buyer's market," says Redfin, particularly in Florida, per MarketWatch.

As a result, we saw price cuts in about 20% of listings in April—the highest level for that typically hot month in nine years. "A lot of sellers have yet to see or accept the writing on the wall," says Asad Khan, a senior economist at Redfin, while many are trying to recoup the sky-high price they paid and not living in reality. Still, if you don't have to sell, you can opt to wait it out. "My suggestion is, give it some time," Lee Linhart, a broker in Hendersonville, North Carolina, tells MarketWatch. "Rent your house out if you can, and let the market readjust to get back to where you paid for it, whether that's a year or two." (More real estate stories.)