Saturday, August 6, 2022

Housing market cold and sellers unhappy… Rate of cut prices almost doubled

Presentreal estateThe market is full of unhappy people, but the saddest group right now is the sellers who feel they have missed the best time to sell.

wall StreetThe Daily reported that in the early days of the new crown pneumonia epidemic, the real estate market was booming in almost all parts of the United States, according to real estate broker Redfin, over the past two years in the United States.house priceclimbed about 44%. But prices have slowed recently, and many homeowners have been forced to confront the fact that they may no longer be able to sell for the same price as their neighbors.

According to the US real estate website Realtor.com, in June, 1 in 7 homes sold for a low price, compared to 1 in 13 homes sold in the same period last year.

As more and more homeowners drop their prices, they are faced with a number of difficult choices. Homeowners may have to drop the price one or more times, and eventually, they may have to accept a price lower than they expected, or simply choose not to sell and wait until the market corrects before entering the market. needed. At the same time, real estate brokers are also looking at how to negotiate with sellers about price cuts.

Janet advertised a three-bedroom house in Las Vegas in early summer for $465,000. She said a neighbor sold a house of the same size in March for $485,000. But Jenny said she cut the price three times in a row in about 35 days before accepting the sale for about $405,000. “I think it’s the best offer I can get, so let’s get out of here while it’s okay,” Jenny said.

Overall, the housing market remains solid, with sellers slashing prices, but rates are still very low between 2017 and 2019, when one out of every four or five homes sold for a low price.

However, the housing boom has begun to show signs of cooling as mortgage rates have risen and housing remains in the market for longer. According to the National Association of Realtors (NAR), homes that have been on the market for three months or more are being offered at prices about 11% below the market value.

Dixon, a New York real estate agent, said several sellers are working with him, and if he had advertised earlier this year, his condos would have sold out within days. Some sellers are now considering lowering their prices, while others are considering reducing their listings until the fall. There are also sellers who have decided not to sell at all, instead jumping on the boom in the rental housing market.

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