Born said he has encountered potential sellers who took their homes off the market because they did not get the listed price. One homeowner, he said, listed a home for $2.5 million, but it went unsold. The seller, he said, took the home off the market after a while and relisted it at $2.9 million “hoping to play on people’s psychology,” Born said. The home still has not sold, he said.

Many people are waiting the market out, but some people can't afford to do that, such as people who are retiring or who have changed jobs, advisors said.

Andrew Mastro, president and founder of Wrought Advisors in Haddon Township, N.J., spoke of a couple looking to move because of a job change that bought an old home two years ago and spent a lot of money to modernize it. That increased the value of the house. They were looking to buy something that was comparable in price, but they were unable to find a home and ended up renting a new home. Their former home is up for sale, he said. But even if the couple had found a similarly priced home, they would have paid a much higher mortgage at a 5% rate, instead of the 3% that they had. “For this couple, it was one of those decisions that’s worth it to them, even though it’s going to hurt them financially,” Mastro said.

For some clients, renting has become an option, said Zigmont of Childfree Wealth. He has clients who are childless and are a bit more mobile, he said. “We have a lot of discussions about why [they would] want to buy a house because we have people that could live anywhere and work anywhere,” he said. “I think we just have this assumption that the way to wealth is to own a house. ... That is one way to get wealth. but that does not necessarily fit everyone,”

Zigmont, whose clients range in age from 35 to 55, said renting has becone an option for clients who want to maintain homes on the East and West coasts. Others, he said, would like to live a “kind of a nomadic life.” Some of his retirees and pre-retirees have said they would be OK with living Airbnb to Airbnb, he said. “It’s just a different way of life.”

As for his clients who own a home, Zigmont said the debate they are having is trying to figure out the right time to sell. “Your crystal ball is as good as mine on that one,” he said.

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