The cities where home sellers are dropping prices by up to 33% to attract buyers – can you save cash?

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Home sellers across the country are slashing prices as a way to attract more buyers.

housing market It’s been red hot for nearly two years as the pandemic kicked off record sales.

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The red hot housing market is finally coming to a boil

Looking at some states significant price cut As mortgage rates continue to rise.

according to redfin informationOf the 10 most popular destinations that buyers turned to in the last two years, seven are seeing a steep drop in prices.

About 20% of sellers are reducing their prices as demand continues to decline.

It is one in five sellers forced to slash prices.

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Cities experiencing low prices are Cape Coral, Florida; Sacramento, California; North Port, Florida; Tampa, Florida; Atlanta, Georgia; San Antonio, Texas; and Phoenix, Arizona.

The top two cities with the highest declines were Cape Coral with 33%, and Sacramento was not far behind, with a drop of 30%.

Daryl Fairweather, chief economist at Redfin, said: “The picture of a softer housing market is becoming more clear, especially for home sellers who are headed for declining prices as buyers become more cost-conscious under higher mortgage rates. “

“For now, mortgage rates have stabilized, and I expect prices to do the same. This will remove some of the uncertainty for buyers.

“This means that as long as a home is priced conservatively, it still has a good chance of selling quickly,” he said.

What is behind the drop in prices?

Simple answer – rising mortgage rates.

According to Freddie Mac, rates were raised to 4.67% in March — up a full percentage point from the start of the year.

As rates rise, the demand for housing usually slows.

data from look at housingA website discussing housing economics with the National Association of Homebuilders revealed a significant drop in sales in the month of April.

In April, new home sales saw a drop of 16.6 per cent from March.

This is the lowest since April 2020, according to the US Department of Housing and Urban Development and the US Census Bureau.

Mortgage purchase applications were also down 16% compared to a year ago, according to data from Redfin.

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