Sellers making home price adjustments as listings linger

Sellers making home price adjustments as listings linger

Sellers making home price adjustments as listings linger
No matter how high demand is for homes, there is a line that buyers just don’t seem to want to cross. In some regions, sellers are starting to see their homes linger on the market for a longer period of time. As a result, many are making price cuts.

“Price cuts could signal a turning point in the market, but they may also be just a sign of sellers getting ahead of buyers in pricing,” said Danielle Hale, Realtor.com’s chief economist. “There seems to be some markets where it’s a local custom to price real estate that way.”

According to data from Realtor.com, approximately 45 percent of cities across the U.S. had a growing number of homes with price cuts in July.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.