The Housing Market Isn't Crashing. It's Not Recovering Either. Here's What's Actually Happening — And What to Do About It.

You've probably felt it if you've been watching the market lately.

Things are moving. Just… slowly. Not the frenzy of 2021. Not the collapse everyone kept predicting. Something in between that's hard to put a finger on.

Experts have a name for it now: The Great Stall.

And once you understand what it actually means, the path forward — whether you're buying or selling — becomes a lot clearer.

So What Exactly Is "The Great Stall"?

BiggerPockets Chief Investment Officer Dave Meyer describes it as "a slow, drawn-out normalization that is neither a crash nor a recovery" — but one that is quietly creating real opportunities for buyers and sellers who know how to read it.

Here's the current reality in plain terms:

• Mortgage rates are sitting in the 6.3%–6.5% range — elevated compared to the pandemic era, but not spiraling higher

• Home prices in most markets are still high but growing slowly — Redfin projects just 1% year-over-year price growth nationally

• Homes are sitting on the market longer before going under contract

• Sellers are cutting prices faster than expected — within three to four weeks of listing instead of holding firm for months

• Inventory is up over 8% compared to last year

• And yet — buyer demand hasn't collapsed. Mortgage applications are steady. People still want to buy.

That combination — high prices, moderate rates, more inventory, slower movement, faster price cuts — is what the Great Stall looks and feels like. Not a boom. Not a bust. A market finding its footing after years of extreme conditions.

And that shift creates specific, real opportunities that didn't exist twelve months ago.

What This Means If You're a Buyer

For the better part of five years, buying a home in Southern California felt like running a race where the finish line kept moving. You'd find something you liked, submit an offer the same day, get outbid by someone waiving everything, and start over.

That dynamic has changed — and here's what's different right now:

You have time to think. Homes that would have gone under contract in 48 hours in 2021 are now sitting for two, three, even four weeks. That breathing room lets you do proper due diligence — inspect the property, review the disclosures, understand what you're buying. That's not a small thing.

Sellers are coming to you. According to Meyer, sellers have been psychologically reoriented to start cutting prices within three to four weeks rather than waiting indefinitely. For buyers, that means overpriced listings that you passed on a month ago may now be sitting at a much more interesting number. The strategy? Patience. Let the market do the negotiating for you on the listings that aren't priced right from the start.

Concessions are back on the table. Seller credits toward closing costs. Rate buydowns. Repair credits after inspection. These were essentially nonexistent during the pandemic market. Today, motivated sellers — especially those who've been sitting on the market for a few weeks — are more open to these conversations than they've been in years.

In Rancho Cucamonga and the Inland Empire, the Great Stall is playing out with more inventory, more builder competition, and more motivated sellers than we've seen since before the pandemic. First-time buyers especially are finding entry points that simply weren't available eighteen months ago.

In Pasadena and LA County, the market is more resilient — demand hasn't softened as dramatically as in some other areas — but even here, the frantic multiple-offer situations on every listing have calmed. Buyers have more room to move thoughtfully.

The buyers who benefit most from this environment are the ones who show up pre-approved, clear on their budget, and patient enough to let overpriced listings come to them rather than chasing everything that hits the market.

What This Means If You're a Seller

The Great Stall doesn't mean you can't sell. It means the strategy that worked in 2021 won't work in 2026.

Here's the honest reality for sellers right now:

Pricing discipline is non-negotiable. The data is clear — sellers who price at or slightly under market value are still moving their homes. Sometimes quickly. Sometimes with multiple offers. The sellers who price based on 2022 expectations are the ones sitting on the market, watching showings slow down, and eventually making price cuts that cost them more than pricing correctly from day one would have.

Presentation matters more than ever. Buyers have choices right now. When they have choices, they compare. And they choose the home that shows best. Staging, professional photography, fresh paint, curb appeal — these aren't optional extras in the Great Stall. They're the difference between a home that sells and one that sits.

The first two to three weeks are everything. In this market, the window of peak buyer attention is short. If your home doesn't generate meaningful activity in the first few weeks, the market is giving you feedback. Listen to it — adjust pricing, improve presentation, or both — rather than waiting months and losing more ground.

Concessions are part of the conversation now. Buyers are asking for things again. Closing cost credits. Inspection repairs. Rate buydowns. Sellers who approach these requests as deal-breakers are losing transactions that could have closed. Sellers who approach them as part of the negotiation — not the end of it — are closing deals and moving on with their lives.

In Pasadena, well-prepared, accurately priced homes in desirable neighborhoods are still performing well. The demand is there — you just have to meet it where it is.

In Rancho Cucamonga, you're competing with new construction that offers fresh finishes and builder incentives. Your presentation and pricing need to acknowledge that competition directly.

The Bigger Picture — And Why This Moment Matters

Here's what I want both buyers and sellers to understand about the Great Stall:

This isn't a market to sit out and wait for. It's a market to engage with strategically.

For buyers — the negotiating leverage you have right now is real and it won't last forever. When rates eventually ease more meaningfully, the wave of buyers who've been waiting on the sidelines will enter the market simultaneously. Prices will respond. The window you have today — more inventory, patient sellers, room to negotiate — closes when that happens.

For sellers — the market is still moving. Roughly 11,000 homes sell every single day in this country. The sellers making those transactions happen aren't waiting for a better market. They're pricing right, preparing well, and working with agents who understand what today's buyer actually needs to say yes.

As Redfin put it in their 2026 outlook: this isn't a quick correction or a recession — it's the beginning of a gradual normalization. And normalization, handled correctly, creates opportunity on both sides of the transaction.

Bold LA Key Takeaway

The Great Stall is real. The market isn't crashing and it isn't exploding — it's recalibrating. And in a recalibrating market, the people who win are the ones who understand the new rules and play by them.

Buyers: you have more leverage than you've had in years. Use it — but use it with a plan.

Sellers: the market will reward you, but only if you meet it where it actually is — not where you wish it still was.

Whether you're buying or selling in LA County or the Inland Empire right now — let's talk about what the right strategy looks like for your specific situation. The opportunity is there. The question is whether you're positioned to take advantage of it.

That wraps up today's blog — appreciate you stopping by. And as always, if you want it to sell, call Terrell… and if you want to buy, I'm still the guy.