While I’m seeing some significant price reductions in our area, the reduction is usually the “greed layer” the sellers added in hoping to screw rabid buyers out of extra money. After that reduction, it’ll be awhile before sellers start giving their houses away at fire sale prices. Sellers are usually the last ones to admit the market has completely turned against them. Now, there are some that bought a house contingent on the sale of their current house. Those folks might just fold.
“While I’m seeing some significant price reductions in our area...”
Not where I am....yet anyway.
A house up the street that happens to have the same floor plan as mine sold for only $3500 less than asking.....I guess that’s better than last year when the one across the street sold for $39000 OVER asking......in less than a week.
Don’t forget those who are locked into a new build wont get presented with their new mortgage rate until the build is completed. It’s going to be sticker shock and many will walk.
Six to twelve months ago houses here were being snatched up within a day, and most often above asking price.
Now they’re lingering for weeks, and many have prices reduced a time or two. Others show up again as “back on market. Not sure if that’s due to financing issues. Could be problems in the inspection process.