I am in Florida, I am actively looking for a house.
I am getting a lot of notices that say “Price Reduced”
A LOT
IMO, the prices have reduced from the wildly inflated prices made so by the amount of free money that was floating about.
Once mortage rates got near what that had been for years, prices had to come down.
In my neighborhood, in N. Forida, roughly the same size homes with similar amenities have sold over the past 24 months at 600K in 2021, 1 million in mid 2022, and recently 800K. So one might say the prices have reduced 20% recently. Another could say they went up 33% in two years. The trend is definitely downwards due to interest rates IMO.
I am getting a lot of notices that say “Price Reduced”
It is a sales tactic. My wife and I are hoping to move to a different state. Florida is one of the states that we have been looking at. The houses that we have been most interested in there keep selling... especially in the last month or two.
There are actually a couple of reasons why you are getting "price reduced" notices. People do not know what to ask these days and in general if you ask too little it is pretty hard to get away with raising the price. So people are asking more than they actually think they will be able to get as a negotiating strategy. Your “Price Reduced” notices are mostly the same as when you walk on to a used car lot and see the “specials”, or the “sales” at department stores.
People love to think that they are getting a bargain. The prices are set high and then reduced to get people's attention. I remember looking at 4K televisions that had just arrived at the store for a “Black Friday” special. The tag said that it was originally $750 and had been reduced to $350 which seemed very cheap. My wife was very excited. When I looked the TV up on my phone... other retailers had been selling that same model for around $350 for months. All the reviews said it was a cheaply made piece of crap that everyone with sense should avoid.
So do not be fooled by “Price Reduced” notices. They typically don't mean much.