It wasn’t long ago that homes for sale would get multiple offers and go under contract in a matter of days. But times have changed. Now, not only are listings lasting longer on the market, homes for sale are more likely to see multiple price cuts than multiple offers. In fact, according to one recent analysis, the typical home listing saw $25,000 in cuts in October – matching the biggest discounts ever recorded. The average individual cut remained around $10,000.
That hasn’t changed much in recent years. What has changed is the number of homes that see more than one cut. How how much of a discount buyers received ultimately depends on where you look. In pricey markets like San Jose and Los Angeles, median discounts were between $60,000 and $70,000, while in smaller - more competitive markets – like Pittsburgh and Detroit, cuts were closer to $15,000. Wherever you are, though, rising price cuts and lower mortgage rates have provided some relief to buyers and helped fuel the most active fall housing market in years.
[Source: PR Newswire]
