US home sellers cut prices as stagnant market shifts power to buyers

Summarised from 2 outlets · Updated 25 Oct, 13:31 · Archive

Home sellers across the US are lowering asking prices and offering thousands in buyer concessions as a stagnant market shifts in their disfavour.

A stagnant housing market across the United States is forcing sellers into difficult compromises as homes sit on the market without offers for extended periods. Those who do not have the option to withdraw their listings are coming under pressure to reduce asking prices significantly and provide thousands of dollars in contributions towards buyer costs, according to real estate agents.

The shift marks a dramatic reversal from earlier in the decade, when rock-bottom mortgage rates fuelled a buying rush that saw homes regularly sell for well above their asking prices. Rising homeownership was outpacing demand sharply. Now surging mortgage rates, the cumulative effect of years of price increases and high inflation have combined to cool the market substantially, putting homeownership out of reach for many buyers.

Many sellers are able to pull their listings from the market entirely, choosing to wait rather than accept lower offers. Those without that flexibility are forced to choose between accepting lower prices and offering larger concessions to attract buyers, or holding firm and risking further delays to major life plans such as relocating for work or purchasing a larger home for a growing family.

How it is being reported

• Home sellers are lowering their price and helping buyers to make a deal in a stagnant marketA stagnant housing market hampered by surging mortgage rates, years of soaring home prices and an economy undercut by rising inflation has many sellers stuck in limbo as homes go months without an offer.Clickorlando · 25 Oct, 12:59
• Home sellers are lowering their price and helping buyers to make a deal in a stagnant marketA stagnant housing market hampered by surging mortgage rates, years of soaring home prices and an economy undercut by rising inflation has many sellers stuck in limbo as homes go months without an offer.News4Jax · 25 Oct, 12:59

In this story: United States · Los Angeles

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