November Real Estate Market Update: Lower Rates, Price Reductions, and Opportunities for Buyers

As we head into the final stretch of 2026, the real estate market is giving us plenty to talk about. Mortgage rates may finally be moving in a more favorable direction, sellers are becoming more realistic about pricing, and buyers who are willing to shop during the holiday season could find themselves in a stronger negotiating position than they might expect.

There's still plenty of uncertainty in the market, but that doesn't mean people should put their real estate plans on hold. In fact, some of the changes we're seeing could create opportunities for buyers and sellers who understand what's happening and have a good strategy in place.

Let's take a closer look at what's shaping the market this November.

Could Mortgage Rates Finally Fall Below 7%?

Mortgage rates have been one of the biggest challenges facing homebuyers over the past several years. Higher borrowing costs have stretched monthly budgets, reduced purchasing power, and caused many would-be buyers to delay their plans.

Now, we're beginning to see signs that rates could make their way back below 7%. That's certainly encouraging news, although there's no guarantee that rates will continue moving downward.

Even relatively small changes in mortgage rates can make a meaningful difference in affordability. For example, on a $400,000 mortgage, the difference between a 7.5% interest rate and a 6.75% rate is approximately $200 per month in principal and interest. Over the course of a year, that's roughly $2,400 in savings.

But there's another side to the conversation that buyers need to consider. What happens when mortgage rates drop and more buyers decide it's time to get back into the market?

We've seen how quickly competition can increase when borrowing conditions improve. Buyers who have been waiting on the sidelines may begin scheduling showings and submitting offers, potentially putting upward pressure on home prices in desirable neighborhoods.

That's why I encourage buyers to look at the entire picture rather than focusing exclusively on the interest rate. The price you pay for a home, your ability to negotiate, your monthly payment, and your long-term plans all matter. Waiting for lower rates might make sense for some buyers, but it isn't automatically the best financial decision for everyone.

More Price Reductions Don't Necessarily Mean Home Values Are Falling

Another trend worth watching is the number of homes receiving price reductions.

Nationally, a substantial share of listings have seen asking-price adjustments, reflecting a market where buyers are more selective and sellers can't always command the prices they could a few years ago. But there's an important distinction here: a price reduction doesn't necessarily mean a home has lost value.

In many cases, the property was simply listed too high to begin with.

During the height of the seller's market, homeowners became accustomed to seeing properties sell quickly, sometimes with multiple offers and very little negotiation. That environment encouraged aggressive pricing, and some sellers are still approaching the market with those expectations.

Today's buyers are behaving differently. They're comparing properties, paying close attention to condition, evaluating monthly ownership costs, and taking more time to decide whether a home is worth its asking price.

When a property enters the market at an unrealistic price, buyers may simply pass it over. The home sits, showing activity slows, and eventually the seller makes a reduction to generate renewed interest. The problem is that by the time the price is adjusted, the listing may have already lost some of the momentum that comes with being new to the market. For homeowners thinking about selling, this is why getting the price right from day one is so important.

A strong pricing strategy doesn't mean giving your home away or automatically listing below market value. It means understanding what comparable properties are actually selling for, evaluating the competition, and positioning your home to attract serious buyers. Homes that are priced appropriately, presented well, and marketed effectively can still perform very well. Sellers just need to recognize that the strategy that worked in 2021 or 2022 may not be the strategy that works today.

Why November Could Be an Overlooked Opportunity for Homebuyers

Most people associate spring and early summer with buying a home. The weather is better, school schedules make moving easier, and there are typically more properties coming onto the market. But there's something to be said for buying when everyone else isn't.

As we move into November and the holiday season, real estate activity often slows. Families become busy with Thanksgiving, Christmas, travel, and year-end commitments. Some buyers decide to wait until spring, which can leave fewer people actively competing for available homes.

For buyers who are ready to make a move, that seasonal slowdown can work in their favor. With less competition, buyers may have more time to evaluate properties, arrange inspections, and negotiate terms without feeling the same pressure they might experience during the spring market.

Sellers who keep their homes listed through the holidays may also have specific reasons for wanting to move. Job relocations, family changes, financial considerations, and plans to purchase another property don't necessarily follow the traditional real estate calendar. That doesn't mean every seller is desperate or that every listing will come with a substantial discount. It does mean that buyers may find opportunities to negotiate on price, closing costs, repairs, or other contract terms.

There's also a potential advantage to purchasing before mortgage rates fall further. If lower rates eventually bring more buyers back into the market, some of the negotiating flexibility available today could disappear. Of course, there is a tradeoff. Inventory is often more limited during the winter months, so buyers may have fewer homes to choose from. But for someone who finds the right property, November and December can be excellent times to make a move.

What Does This Mean for Sellers Heading Into the Holidays?

If you're considering selling your home, you might be wondering whether it's better to list now or wait until spring. The answer depends on your property, your circumstances, and the competition in your local market. It's true that buyer activity typically slows during the holidays,