According to the Wall Street Journal, almost two-thirds of home buyers last year purchased at a discount from the listing price. This is the highest proportion since 2019. (WSJ.com)
According to Redfin, 62% of buyers last year purchased a home below the original listing price, the highest proportion since 2019. (WSJ.com)
The average discount was 8%, the largest discount rate since 2012. (WSJ.com)
Now, concessions from sellers are commonplace which include cash for closing costs or to buy down a buyer's mortgage rate. (WSJ.com)
Discounts and incentives show that the housing market is shifting back in the buyer's favor. (WSJ.com)
From 2020-2022, It was a very strong seller's market as low mortgage rates brought buyers in droves. (WSJ.com)
Cutthroat bidding wars were routine and buyers charmed sellers in order to get the deal. (WSJ.com)
According to Redfin, there are 600,000 more sellers than buyers. It's the biggest gap since 2013. (WSJ.com)
Daryl Fairweather, Redfin's Chief Economist, says, "When there is this gap between what sellers expect and what buyers can afford. it's the buyers that end up negotiating that lower price."
In recent months, however, the market has gained momentum. Sales of existing homes went up 5.1% in December, the biggest gain in two years while price growth has slowed. (WSJ.com)
For more information, please go to michaelbloomhomes.com
Keeping your current is written by Michael Bloom, Hidden Hills resident since 1977 and your neighborhood Realtor.
Feel free to contact me with real estate related questions or concerns or for a free market analysis of your home.
