Increased rates and decreased demand has home sellers cutting prices
Data from a recent Redfin report shows record levels of price cuts in the
Data shows that 7.9% of home sales listed for sale had prices cut, making it a record high, reports say.
The nearly 8% of homes with prices cut is compared to around 4% at the same time last year.
Redfin's company data dates back to 2015, with the company averaging out the data from the listings with prices marked down and correcting any outlying issues.
Marr said he expected the price drops to be worse but says sellers are slow to react to decreased demand.
Markets like
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"There have been opportunities when rates really came down and gave buyers the moment to jump back in and get some good deals on homes that did drop their prices," Marr noted.
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