- Redfin data shows sellers are lowering prices in cities with excess housing inventory.
- Florida and Texas, which lead the nation in new home construction, are seeing price declines accelerating.
- Homebuyers have more power as sellers lower prices and builders offer concessions.
Would You like a feature Interview?
All Interviews are 100% FREE of Charge
be discouraged What about buying a house this year? This might cheer you up.
The pandemic-driven housing boom was yesterday’s news, and the fierce buying competition it fueled was also suppressed by a relentless housing boom. Rising mortgage interest rates. This means two things for people considering buying a home. One is that more sellers are likely to lower their listing prices to attract buyers. Second, buyers are in a better position than sellers.
States like Florida and Texas are experiencing an influx of buyers looking for relatively affordable homes and more living space. building newer homes Several metros had the highest rate of price decline and the lowest median sales price growth in March compared to the rest of the United States, according to a new report. red fin.
Eric Ausiello, a Redfin sales manager in Florida, said price reductions are a tough battle between home sellers and home builders, who often offer concessions such as home repairs or mortgage interest buybacks to sweeten the deal. He said that’s partly a result of facing competition.
“My advice to sellers is to price your home fairly. The price you had six months ago doesn’t exist now,” Ausiello said in a Redfin report. “And if you’re a buyer, know that there’s a pretty good chance your offer will be accepted at below market value.”
As builders and sellers compete for buyers’ attention by offering concessions and lowering prices, the likelihood of: Homebuyers who previously couldn’t afford it You may have the opportunity to buy a home this year, or you may have already.according to census bureau According to the data, the number of new homes sold in March 2024 was 693,000, 8.8% higher than the February revised figure and 8.3% higher than the March 2023 forecast.
To calculate which large cities have the highest percentage of sellers reducing list price, Redfin analyzed home price data for 85 of the largest U.S. cities with populations of 750,000 or more. According to Redfin, the 10 subways with the biggest price declines in March are: Notably, not all of these cities have experienced a decline in median sales prices. Instead, many are observing a slowdown in price growth.