{"id":20293,"date":"2022-04-12T12:59:10","date_gmt":"2022-04-12T12:59:10","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=20293"},"modified":"2022-04-12T12:59:12","modified_gmt":"2022-04-12T12:59:12","slug":"sellers-are-lowering-asking-prices","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/sellers-are-lowering-asking-prices\/","title":{"rendered":"Sellers Are Lowering Asking Prices"},"content":{"rendered":"\n

Sellers Are Lowering Asking Prices<\/p>\n\n\n\n

With mortgage rates now nearing 5%, many aspiring home buyers may have reached the top of what they can afford, especially as 40-year-high inflation affects the threshold for them.<\/p>\n\n\n\n

As a result, the number of sellers dropping their asking price is growing at a faster clip than in the recent past. About 12% of homes for sale had a price drop during the four weeks ending April 3, according to Redfin. That marks a jump from 9% a year ago.<\/p>\n\n\n\n

\u201cPrice drops are still rare, but the fact that they are becoming more frequent is one clear sign that the housing market is cooling,\u201d said Daryl Fairweather, Redfin\u2019s chief economist. \u201cIt goes to show that there\u2019s a limit to sellers\u2019 power. There is still way more demand than supply, and buyers are still sweating, but sellers can no longer overprice their home and still expect buyers to clamor at their door.\u201d<\/p>\n\n\n\n

\u2018There May Be a Limit to Sellers\u2019 Power\u2019<\/a><\/p>

Rising Rates Constrain Buyers\u2019 Budgets<\/a><\/p><\/blockquote>\n\n\n\n

Home prices are well above levels from a year ago. The average borrower is paying about 40% more than they would have for the same home a year ago on a monthly payment due to higher mortgage rates and higher home prices, according to the National Association of REALTORS\u00ae.<\/p>\n\n\n\n

More consumers believe that mortgage rates and home prices will rise further, according to a monthly consumer sentiment index from Fannie Mae. \u201cIf consumer pessimism toward homebuying conditions continues, and the recent mortgage rate increases are sustained, then we expect to see an even greater cooling of the housing market than previously forecast,\u201d Mark Palim, vice president and deputy chief economist at Fannie Mae, wrote about the consumer sentiment index\u2019s findings.<\/p>\n\n\n\n

However, some buyers may see an opening in the market. They may want to rush ahead of further mortgage rate increases or may see an uptick in new listings.<\/p>\n\n\n\n

Housing demand remains high, Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS\u00ae, writes on the association\u2019s blog. Plus, a severe housing shortage due to underbuilding over the last decade will cushion the housing market from rapid deceleration.<\/p>\n\n\n\n

\u201cHousing demand will remain strong due to favorable demographics and shifts in buyers\u2019 preferences as teleworking remains in place,\u201d Evangelou writes. Source:\u00a0\u201cRising Mortgage Rates Are Causing More Home Sellers to Lower Their Asking Prices<\/a>,\u201d CNBC (April 7, 2022)<\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Sellers Are Lowering Asking Prices With mortgage rates now nearing 5%, many aspiring home buyers may have reached the top of what they can afford, especially as 40-year-high inflation affects the threshold for them. As a result, the number of sellers dropping their asking price is growing at a faster clip than in the recent … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-20293","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nSellers Are Lowering Asking Prices - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/sellers-are-lowering-asking-prices\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-are-lowering-asking-prices\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-are-lowering-asking-prices\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Sellers Are Lowering Asking Prices\",\"datePublished\":\"2022-04-12T12:59:10+00:00\",\"dateModified\":\"2022-04-12T12:59:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-are-lowering-asking-prices\\\/\"},\"wordCount\":409,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-are-lowering-asking-prices\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-are-lowering-asking-prices\\\/\",\"name\":\"Sellers Are Lowering Asking Prices - 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