{"id":5095,"date":"2024-04-05T02:45:28","date_gmt":"2024-04-05T02:45:28","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/04\/05\/home-sellers-dont-hold-all-the-cards-this-spring-15-of-them-have-slashed-prices\/"},"modified":"2024-04-05T02:45:28","modified_gmt":"2024-04-05T02:45:28","slug":"home-sellers-dont-hold-all-the-cards-this-spring-15-of-them-have-slashed-prices","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/04\/05\/home-sellers-dont-hold-all-the-cards-this-spring-15-of-them-have-slashed-prices\/","title":{"rendered":"Home Sellers Don\u2019t Hold All the Cards This Spring: 15% of Them Have Slashed Prices"},"content":{"rendered":"

<\/a><\/p>\n

Illustration by Realtor.com; Source: Getty Images<\/p>\n

Housing supply is bouncing back after an extended period of stagnation\u2014and sellers are slashing list prices to compete.<\/p>\n

The latest monthly housing report from Realtor.com\u00ae<\/a> reveals that the total number of homes for sale in March was 23.5% above last year\u2019s levels, marking five months of inventory growth. The news is especially bright given that prior to this streak, inventory slumped for 17 months straight.<\/p>\n

While more homes to choose from might finally grab the attention of buyers deterred by high mortgage rates, what might be a stronger motivating factor is the share of homes with price reductions. This March, a whopping 15% of homes for sale had slashed their price\u2014tied with 2019 as the highest March levels seen since our records began in 2017.<\/p>\n

\u201cA growing share of price reductions shows that even though buyers may feel that sellers hold all of the cards in today\u2019s housing market, more sellers are willing to adjust their expectations more often than is typical for this time of year,\u201d says Realtor.com Chief Economist Danielle Hale<\/strong>.<\/p>\n

Why are home sellers more flexible?<\/p>\n

\u201cToday\u2019s home sellers are driven by a combo of acceptance and unwillingness to put decisions off any longer,\u201d explains Hale. \u201cFamily and job situations change, and a growing number of homeowners are choosing not to delay a move any longer. This is a healthy update for the housing market.\u201d<\/p>\n

More inventory at lower prices<\/h2>\n

Nationwide, median home prices rose by 0.2% from February to<\/span> March, hitting $424,900.<\/p>\n

While no home shopper wants to see a higher list price, the rise is not necessarily foreshadowing a massive spike in prices as the year goes on.<\/p>\n

\u201cHome prices this year are expected to move largely sideways,\u201d explains Hale. \u201cWe\u2019ll see the usual climb from spring into summer, but I don\u2019t think we\u2019ll see a big jump over prices one year ago since many homebuyers are already at the edge of their budgets, and newly constructed homes and steady rents provide cost-effective alternatives that alleviate some of the price pressure we\u2019ve seen on existing homes in recent years.\u201d<\/p>\n

Sacramento, CA, was among the 50 largest metros with the greatest growth in newly listed homes.<\/p>\n

Getty Images<\/p>\n\n

Although overall inventory is up, home sellers also gave buyers 15.5% more fresh listings to choose from in March compared with last year, with all but three of the 50 largest metros seeing new listings increase over the previous year.<\/p>\n

The metros that saw the largest growth in newly listed homes included Sacramento, CA<\/a> (+32.5%), Tampa, FL<\/a> (+29.3%), and San Jose, CA<\/a> (+25.9%).<\/p>\n

These new listings are not only fresh but also budget-friendly. In March, the number of homes for sale priced from $200,000 to $350,000 increased by 30.5% compared with last year.<\/p>\n

\u201cContinuing into the spring homebuying season, prospective homebuyers will find slightly more plentiful and affordable home listings,\u201d says Realtor.com economic data manager Sabrina Speianu<\/strong>.<\/p>\n

Hale agrees: \u201cThe fact that we\u2019re seeing more options among lower-price categories is a welcome sign for entry-level homebuyers<\/a> and downsizers<\/a> alike,\u201d she says.<\/p>\n

The flood of lower-priced homes might help budget-minded homebuyers who also have to contend with ongoing high mortgage rates, which hit 6.79%<\/a> last week.<\/p>\n

Where the homes are<\/h2>\n

In March, active inventory in all four regions of the U.S. increased over the previous year. Listings grew by 13.9% in the Midwest, 12.4% in the West, and 0.3% in the Northeast.<\/p>\n

Yet buyers looking for the most homes to choose from\u2014specifically in the $200,000 to $350,000 price range\u2014should head South, which saw a whopping 35.8% increase in active home listings compared with the year prior.<\/p>\n

While inventory is up year over year, Hale points out that \u201cthe shortage of homes for sale isn\u2019t over, as the market continues to see roughly only three homes now for every five that would have been on the market at this time of year in 2017 to 2019. However, this is a big improvement.\u201d<\/p>\n

Buyers are pouncing<\/h2>\n

Some buyers are already paying attention to this bounty of price-reduced listings\u2014and pouncing when they find the right property.<\/p>\n

In March, homes spent a median of 50 days on the market\u2014that\u2019s <\/span>two fewer days than a year prior.<\/span><\/p>\n

Eager buyers who find a home that\u2019s a bit outside their budget aren\u2019t necessarily out of luck, either.<\/p>\n

\u201cBuyers who want to make a below-asking-price offer may find a seller who is willing to meet them in the middle,\u201d says Hale.<\/p>\n

The post Home Sellers Don\u2019t Hold All the Cards This Spring: 15% of Them Have Slashed Prices<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Illustration by Realtor.com; Source: Getty Images Housing supply is bouncing back after an extended period of stagnation\u2014and sellers are slashing list prices to compete. The latest monthly housing report from Realtor.com\u00ae reveals that the total number of homes for sale in March was 23.5% above last year\u2019s levels, marking five months of inventory growth. The…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":5096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/5095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=5095"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/5095\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/5096"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=5095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=5095"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=5095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}