Why So Many Sellers Are Cutting Their Price Right Now
Price cuts are turning up everywhere right now, and they read very differently depending on which side of the deal you’re on. Sellers tend to worry a cut means walking away with less than they hoped. Sometimes that’s true, but more often it just means the market moved faster than the listing did. Buyers , for their part, often assume a cut means something’s wrong with the house. Most of the time, that’s not it. This is what's actually driving all those price cuts, and why it matters no matter which side of the deal you're on. 42% of Homes for Sale Are Now Carrying a Price Cut According to HousingWire Data , the share of sellers cutting their asking price has climbed every month for 7 straight months ( see chart below ): Today, more than 4 in 10 active listings have had at least 1 price cut, and the typical seller is cutting about $17,560 off their original number. Here’s why that’s happening. With rates still elevated and more homes to choose from, buyers can afford t...
