Home prices may have hit a new high, but the real estate market is showing signs of weakness that could help buyers negotiate a lower price on a house.according to a recent report
"The market is softening," says Daryl Fairweather, chief economist at Redfin. "Given current conditions, sellers are having to be less aggressive with their pricing."Homes selling for less than asking price is a milestone for buyers who have been frustrated by rising home costs over the past few years. But if anything, it's a momentary correction in a real estate market that still favors sellers.which is why U.S. home sale prices have increased 4.
Considering that many would-be buyers have been priced out of the market by high mortgage rates, lowering rates would increase the number of potential buyers able to afford a home. This would "boost demand" and potentially accelerate price gains, says Fairweather.Homebuyers are more likely to negotiate a lower asking price on a home listing that's been on the market for more than a couple of weeks, says Fairweather.
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Source: Newsweek - 🏆 468. / 52 Read more »