A 'silver lining' in the housing market: Homes are spending more time on the market

It’s taking more time for homeowners to sell their homes. And that’s potentially good news for homebuyers, who now have more room to negotiate.

For the average homebuyer, the monthly payment on that mortgage has risen by 50% from a year earlier when mortgage rates were at 3%, Redfin said. “For those who can afford it, conditions have become much more buyer-friendly than last year. Less competition means home shoppers now have more time to consider their options to make sure they find the best fit, less chance of getting caught up in a bidding war and they may even be able to get a discount on list price,” he added.Sellers are dropping their prices to entice buyers, as seen in the chart below.

As of mid-October, about 8% of homes for sale had a price drop to lure buyers, which is up from 4% a year ago, Redfin added. Buyers’ angst over rates has resulted in home sellers seeing their profits shrink, a report from ATTOM said. The biggest drop in profits was seen in cities including Claremont-Lebanon, N.H., San Francisco, Prescott, Ariz., and Barnstable, Mass.

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