What Happened in November: Sellers Hit Pause
New data from Redfin shows the housing market cooled further in November, and not just on the buyer side. Active listings fell 1.4% month over month—the biggest supply drop since 2023—as many homeowners decided to wait rather than list into a slower market. At the same time, pending home sales posted their steepest decline in nearly a year, a clear sign that shoppers are hesitating.
Even when homes did sell, they weren’t moving fast. The typical home sat on the market for 53 days—the slowest November pace in nearly a decade. In other words: buyers are taking their time, sellers are pulling back, and the market is settling into a more deliberate rhythm.
How This Affects Homebuyers: Less Choice, But More Leverage
If you’re trying to buy, the drop in active listings matters because it can shrink your options—especially in neighborhoods with already limited inventory. Fewer new listings can also mean more competition for the “good” homes that are priced well and show well.
But the slower pace (53 days on market) can work in your favor. When homes linger, sellers often become more flexible. While every market is local, a slower sales cycle commonly leads to more buyer-friendly terms, such as price reductions, closing cost credits, or repair negotiations.
What to do now as a buyer:
- Be ready for two markets at once: well-priced homes can still attract multiple offers, while overpriced listings may sit.
- Use time to your advantage: a longer days-on-market number can support a more confident negotiation.
- Strengthen your financing plan: rate swings matter more when affordability is tight—compare loan options and lock strategies.
How This Affects Homeowners Who Want to Sell: Strategy Matters More Than Timing
When sellers retreat, it’s often because they’re not seeing the demand (or the price) they hoped for. If you’re considering listing, the big takeaway isn’t “don’t sell,” it’s “don’t wing it.” With pending sales down and buyers moving cautiously, your pricing, presentation, and marketing plan can make the difference between selling smoothly and sitting for weeks.
Here’s what sellers should keep in mind:
- Pricing is the new curb appeal: in a slower market, an aspirational price can lead to extended days on market and bigger reductions later.
- Condition still wins: buyers who are nervous about payments tend to avoid homes that feel like “projects.”
- Expect negotiation: longer market times often bring more requests—credits, repairs, and flexible timelines.
If you’re also buying your next home, fewer listings may make that side of the move trickier. A strong plan can coordinate your sale and purchase so you’re not forced into a rushed decision.
How This Affects Refinancing: Watch the Window, Not the Headlines
With demand sluggish, many homeowners naturally ask: “Should I refinance instead of moving?” The answer depends less on month-to-month inventory and more on the gap between your current rate and today’s options, plus your timeline.
Even if a traditional rate-and-term refinance isn’t a big win right now, there may be alternatives worth reviewing:
- Adjustable-rate options for buyers who want a lower initial payment and have a clear future plan.
- Buydowns (temporary or permanent) that reduce the effective rate and improve early-year affordability.
- Cash-out refinance or second liens for homeowners funding renovations or consolidating higher-interest debt (only if the math and risk profile make sense).
One more note: when listings fall because sellers “wait for better rates,” a future rate drop can bring a surge of both buyers and sellers back at once. If you’re considering refinancing or buying in the next 6–12 months, it’s smart to prepare early so you can act quickly when conditions improve.
The Bottom Line
November’s numbers point to a market where buyers are cautious and sellers are selective. Inventory dipped as some homeowners backed away, but the slower pace and softer demand can give prepared buyers negotiating power—and it can reward sellers who price accurately and present their home well. Whether you’re buying, selling, or exploring a refinance, the best move is to run the numbers and map out your timeline before you’re forced to.
Ready to explore your options? Schedule a free consultation with our team today!