{"id":20324,"date":"2022-04-19T12:17:06","date_gmt":"2022-04-19T12:17:06","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=20324"},"modified":"2022-04-19T12:17:08","modified_gmt":"2022-04-19T12:17:08","slug":"sellers-may-need-to-consider-price-drops","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/sellers-may-need-to-consider-price-drops\/","title":{"rendered":"Sellers May Need to Consider Price Drops"},"content":{"rendered":"\n

Sellers May Need to Consider Price Drops<\/p>\n\n\n\n

Higher mortgage rates may soften demand this spring as worsening affordability prices more buyers out of the market. With mortgage applications down 6% from a year ago, sellers may need to be more realistic about how much they can ask for their property. An increasing number of listings are experiencing price reductions, climbing at the fastest pace since at least 2015, according to a new Redfin survey. Still, only 3.2% of homes on the market are seeing price drops.<\/p>\n\n\n\n

\u201cThere really is a limit to homebuyer demand, even though the market over the past few years has made it seem endless,\u201d says Daryl Fairweather, Redfin\u2019s chief economist. \u201cThe sharp increase in mortgage rates is pushing more home buyers out of the market, but it also appears to be discouraging some homeowners from selling. With demand and supply both slipping, the market isn\u2019t likely to flip from a seller\u2019s market to a buyer\u2019s market any time soon.\u201d<\/p>\n\n\n\n

The National Association of REALTORS\u00ae has forecast home sales to slip 10% in 2022, mostly due to rising mortgage rates that are pricing out more would-be buyers.<\/a> However, NAR still predicts home prices to rise by 5% this year.<\/p>\n\n\n\n

For first-time home buyers, the cost of buying the same home this year compared to just one year ago has jumped by 40%\u2014a combined impact of higher home prices and mortgage rates. \u201cThere will be an inevitable slowdown in home sales,\u201d Lawrence Yun, NAR\u2019s chief economist, recently said in a statement<\/a>. \u201cKeep an eye on days-on-market and a decrease in multiple offers. Home sellers should not expect big, easy profit gains.\u201d<\/p>\n\n\n\n

Even with some early signs of cooling, the housing market remains elevated. Homes are selling at some of the fastest speeds ever, and price escalations on asking prices are still common, Redfin reports. Forty-five percent of homes that went under contract found a buyer within a week. Also, the average home sold for 2.4% above its asking price, Redfin notes. Source:\u00a0\u201cHousing Market Update: Demand Slips, Pushing More Sellers to Drop Asking Prices<\/a>,\u201d Redfin (April 14, 2022) and \u201cInstant Reaction: Jobs, April 1, 2022<\/a>,\u201d National Association of REALTORS\u00ae Economists\u2019 Outlook blog<\/p>\n\n\n\n

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

Sellers May Need to Consider Price Drops Higher mortgage rates may soften demand this spring as worsening affordability prices more buyers out of the market. With mortgage applications down 6% from a year ago, sellers may need to be more realistic about how much they can ask for their property. An increasing number of listings … <\/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-20324","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 May Need to Consider Price Drops - 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=\"https:\/\/www.anthonydidonato.net\/wordpress\/sellers-may-need-to-consider-price-drops\/\" \/>\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\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-may-need-to-consider-price-drops\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-may-need-to-consider-price-drops\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Sellers May Need to Consider Price Drops\",\"datePublished\":\"2022-04-19T12:17:06+00:00\",\"dateModified\":\"2022-04-19T12:17:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-may-need-to-consider-price-drops\\\/\"},\"wordCount\":372,\"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\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-may-need-to-consider-price-drops\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-may-need-to-consider-price-drops\\\/\",\"name\":\"Sellers May Need to Consider Price Drops - 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