Prices go up and prices come down….it’s an economic phenomenon based on many, many factors in a given market. However, Realtor.com says sellers who overshot the market are quickly learning they can no longer fetch the sky-high prices their neighbors nabbed in early 2022. They recently crunched the numbers to come up with the top places where sellers are dropping their prices the most. Interestingly, data shows that nearly one-fifth of all homes on the market nationally had price reductions in February along with the number of sellers who slashed prices doubling over the last year.
“A price reduction means the sellers are coming into the market optimistic, but the buyers aren’t meeting them there…Eventually, they might have to lower the price in order to get the interest that will lead to a sale.” Said Hannah Jones, an economic research analyst at Realtor.com.
Click here to read the full story at Realtor.com.