The Quick Read: As of September 28, 2026, you are selling against builders who are cutting prices and buying down rates. Supply is up, rates have risen four weeks in a row, and buyers know they have leverage. Prep the house, price it to today’s market and present it cleanly. Then be ready to help a buyer with the monthly cost, because that is where this market is being decided.
Key Takeaways
- NAR’s report on September 10 showed August existing-home sales down 2.0% from July, with supply at 4.9 months.
- NAHB’s September survey found 38% of builders cutting prices and 66% using incentives.
- Freddie Mac’s survey has the 30-year fixed up four straight weeks, through the week of September 24.
- Closed-sale prices are still rising nationally. The weakness is in volume and negotiating leverage.
- Prep money goes furthest on cleaning, small repairs and pricing. It goes least far on big renovations.
What changed
Sales slipped and supply grew. NAR’s August report, dated September 10, put existing-home sales at a 3.98 million seasonally adjusted annual rate. That is down 2.0% from July and 1.2% from a year earlier. Inventory reached 1.62 million units, up 5.9% from August 2025. Supply stood at 4.9 months, up from 4.6 months in both July 2026 and a year ago.
“Months of supply” means how long today’s inventory would last at the current sales pace. Higher means buyers have more to choose from.
The median price was $429,100. That is still up 1.6% from a year earlier, per Mortgage News Daily’s read of the NAR data. So prices are not crashing. Volume is soft and leverage has moved to the buyer.
Builders are now your competition. The NAHB’s September survey found 38% of builders cutting prices, up from 35% in August. The average cut held at 6% for a sixth straight month. And 66% of builders used sales incentives, up from 63% and the highest share since December.
Census data for August put new-home supply at 8.5 months. Builders lean on rate buydowns and closing-cost help. That’s the same toolkit you have as a seller.
Rates climbed four weeks running. Freddie Mac’s survey put the 30-year fixed at 7.03% for the week of September 24, up from 6.95% the week before. A year earlier the figure was 6.30%. The path, per Freddie’s releases: 6.71% on September 3, 6.76% on September 10, 6.95% on September 17. That is 37 basis points higher than the 6.66% of the week of August 27.
Freddie’s number covers conventional, conforming purchase loans for borrowers with 20% down and excellent credit. Mortgage News Daily’s daily index read 7.43% on September 25. Your buyer’s real-world rate may sit above the weekly average. Final terms depend on lender guidelines, property type, leverage, and the borrower’s complete credit picture.
The Fed raised too. The Federal Reserve’s statement on September 16 raised the target range by a quarter point, to 3-3/4 to 4 percent, on a 12–0 vote. It said inflation remains elevated. The Fed doesn’t set mortgage rates directly, but the long end of the yield curve has been climbing too. I’d check the latest 10-year print on FRED before quoting a yield to anyone.
Buyers are thinner and pickier. The MBA reported on September 23 that its seasonally adjusted Purchase Index fell 1% for the week ending September 18. The unadjusted index sat 11% below a year earlier. Realtor.com’s data, relayed by Inman on September 1, described buyers as responding more selectively. The share of active listings with a price cut was 20.4% in August, matching last year for the first time in 2026.
One caution on price-cut numbers. Different firms measure them differently. A figure near 42% from a brokerage blog is a different metric from Realtor.com’s 20.4%. Always ask which source and which measure.
What does this mean for a homeowner with equity?
You’re competing on monthly cost, not just sticker price. A buyer today compares your house to a new build with a rate buydown and closing-cost help. Your list price may look lower. Their monthly math may look better. That’s the contest.
NAR’s chief economist said the ample supply gives buyers better opportunities to negotiate. A Coldwell Banker CEO, quoted by HousingWire on September 10, said sellers who sit become more willing to discuss what it takes to get a deal done. Both point the same direction. Sellers who wait and overprice pay for it later.
Your equity gives you options. ICE’s Mortgage Monitor, relayed through a September 15 syndicated piece, puts record equity at $18 trillion in the second quarter of 2026, with $11.7 trillion tappable. That piece came from a lender, so I’d treat the detail with care. Still, the headline is clear: most owners have a cushion.
Equity is not cash in hand, though. Not every borrower can access or qualify to borrow against their share. CBS reported in September, citing ICE, that nearly 548,000 homeowners tapped a combined $54 billion of equity in the second quarter. Some owners are choosing to borrow against the house rather than sell into softness. That’s a legitimate path, and I’ll come back to it below.
What should you fix, and what should you skip?
Fix what a buyer will see, smell or fear. Buyers with leverage look for reasons to discount. Your job is to remove the reasons that are cheap to remove.
Here’s the order I’d work in:
1. Safety and function first. Anything that leaks, sparks, sticks or doesn’t heat or cool. An inspector will find it. Better that you found it first.
2. Clean like you’re moving out. Kitchens and bathrooms drive first impressions. Hire a professional cleaner if the budget allows. It’s a modest spend with a visible return.
3. Neutral and fresh. Repaint loud walls. Replace burned-out bulbs. Fix the caulk, the loose hardware, the squeaky door. Small things read as “cared for.”
4. Curb appeal and the first ten feet. Power wash, trim, mulch, a clean front door. Online photos start at the curb.
5. Declutter, then depersonalize. Decluttering clears surfaces. Depersonalizing removes family photos and strong taste so a buyer can picture their own life.
6. Odors. Pets, smoke, cooking, damp. Buyers notice within seconds.
What to skip: the gut kitchen, the bathroom remodel, the big-ticket upgrade you’d never recoup. In a market where buyers want leverage, they will not pay you back for your taste. One practical rule I like: make the repair list, then cut it in half. Keep the safety items and the cheap cosmetics.
Before you list, consider a pre-listing inspection. It shows you what a buyer’s inspector will find. You can fix it, disclose it or price around it. That beats being surprised after you’ve accepted an offer.
Is pricing the real prep?
Yes. Price is the largest part of presentation. A clean house at the wrong price still sits. Realtor.com’s weekly note to September 19 says the cost of overpricing is rising. Its data showed active inventory up 5.8% from a year earlier and median listing prices down for a 36th straight week, per WRE News.
Here’s my read. Sellers often price off what the neighbor asked last spring or what they hope to net. Buyers price off today’s alternatives, including that new build with the incentive package. Ask your agent for recent closed sales and current competing listings, not just asking prices. Price to the market that exists.
Days on market, interestingly, were about a day faster than a year ago in that same weekly data. So demand hasn’t vanished. It’s selective. A home that’s clean, priced right and well photographed still draws attention.
Does September timing help you?
Somewhat. Buyers who want to move this fall are active now. Realtor.com’s Best Time to Buy report, dated September 10, names September 27 through October 3 as the best week to buy in 2026. Buyers that week see 13.3% more active listings than in the average week. That’s good for buyers. For you, it means more choice on their side and more comparison against your house.
The school calendar matters too. Families who want to be settled by a semester break are motivated, and they’ll tour on tight schedules. Keep the house show-ready every day. A daily reset routine helps: beds made, counters clear, lights on. Be flexible with showing times. A buyer who can’t see your house can’t offer on it.
Should you offer help with the buyer’s monthly cost?
Consider it. It’s the tool builders are using. Many builders use rate buydowns and closing-cost help rather than cutting list prices. The average builder price cut is 6%, but the incentive share is 66%. They understand buyers shop by monthly cost.
A seller credit toward closing costs or a buydown can be worth more to a buyer than the same money off the price. Whether it works depends on the buyer’s lender, the loan type and the contract. That is a conversation for your agent and the buyer’s lender. I’d raise it early rather than waiting for the counteroffer.
If you’d rather not sell into this market at all, there’s the other route. Some owners are borrowing against equity instead of listing. Our loan options page carries the current guidelines on what the programs review in the file and who they fit, subject to lender guidelines. Borrowing costs more than it did a year ago, so weigh it honestly against selling.
My take
I think the next few months favor the prepared seller and punish the hopeful one. The data does not say the market is collapsing. NAR’s median price is still up. The data does say buyers have room to negotiate, builders are paying to win them, and rates are moving the wrong way for affordability.
Four straight weekly increases from Freddie Mac don’t prove rates have peaked. They don’t prove rates will keep rising either. The Fed’s own projections, per CNBC on September 16, show 16 of 18 participants expecting another increase this year. I wouldn’t build a plan around a rate drop.
So here’s my opinion, plainly. If you must sell, prep now, price to closed sales and be ready to help with the buyer’s monthly cost. If you don’t have to sell, waiting is a fair choice, but don’t assume next spring looks like 2021. Nobody knows what next spring looks like.
What I’d do now
- Get a pricing read this week. Ask for closed sales and current competing listings. Include the nearby new builds.
- Walk the house as a buyer would. Start at the curb, then the door, then the kitchen and baths. Write down what you see, smell and hear.
- Fix safety items, then cheap cosmetics. Skip the big projects.
- Decide your concession budget before you list. Know what you’ll give on price, credits or repairs so you aren’t deciding under pressure.
- Talk to your agent about a pre-listing inspection. Surprises cost more after you’ve accepted an offer.
- If a buyer is financing, remember the lock. A rate lock is an agreement that holds a quoted rate for a set period. Quotes gathered on different days aren’t comparable, because rates moved this month. If a buyer likes the number, locking is their call to make with their lender.
If you’re weighing a purchase or a refinance this fall, Lendmire can walk you through how the current programs fit your file. For background on investor financing, our complete DSCR loans guide explains how those loans qualify on rental income.
Frequently Asked Questions
Is now a bad time to sell my house?
Not necessarily, but it is a negotiating market. NAR’s August report showed 4.9 months of supply and a median price still up 1.6% from a year ago. Prices are holding. Leverage has shifted. Well-prepped, correctly priced homes still sell.
Should I cut my price or offer concessions?
Start with the price that matches closed sales and current competition. Then decide what help you’d give on closing costs or a buydown. Builders are doing both, with 38% cutting prices and 66% using incentives, per NAHB’s September survey. Your agent can tell you which lever your local buyers respond to.
Which repairs are worth doing before listing?
Safety and function first, then cheap cosmetic fixes: paint, lighting, caulk, hardware and a deep clean. Skip major renovations. Buyers with leverage tend not to pay you back for big projects.
Does 7% mean buyers have disappeared?
No, but they are fewer and choosier. Freddie Mac’s survey put the 30-year fixed at 7.03% for the week of September 24. The MBA’s Purchase Index sat 11% below a year earlier in its report dated September 23. Yet Realtor.com’s data shows days on market slightly faster than last year.
Can I borrow against my equity instead of selling?
Many owners are. CBS, citing ICE, reported nearly 548,000 homeowners tapped a combined $54 billion in the second quarter. Not every owner qualifies, and borrowing now costs more than a year ago. Eligibility is subject to lender guidelines, and our loan options page carries the current details.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage brokerage whose founder writes this column. DSCR investor programs reach 41 markets, including Washington, D.C.; consumer programs such as bank statement, HELOC and down payment assistance loans are arranged in 16 states; every loan is placed with, and underwritten by, a wholesale lender under that lender’s guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. NAR August existing-home sales report
2. NAHB September builder survey
3. Freddie Mac Primary Mortgage Market Survey
4. Federal Reserve FOMC statement, September 16
5. WRE News
This article is part of Lendmire’s Mortgage News series — every loan program’s qualification details, guidelines, and scenarios live on the loan options page.
Related reading: Why A Local Real Estate Broker Matters As Buyers Gain Leverage, September 2026? · September 2026: Buyers Need A Real Estate Agent As Supply Grows, Rates Climb · Listing Your Home For Sale This Fall As Inventory Climbs And Rates Rise
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.