“A Buyer’s Guide to ‘Price-Reduced’ Homes—and Why They Aren’t Always a Deal” – Realtor.com
“Homebuyers who’ve braved the real estate market lately have no doubt noticed that housing prices are through the roof, hovering at a record-setting national median of $450,000. Combined with rising interest rates on mortgages, it’s enough to make many give up hope that they can find a decent real estate deal today.
Still, what goes up must eventually come down—and as the dog days of summer give way to bargains on all sorts of things (e.g., “20% off Weber grills”), home shoppers who are still hitting the open houses hard in this heat might be pleasantly surprised to find a number of deals popping up on the real estate front.
Want proof? In June, the number of properties for sale with price reductions doubled, with 14.9% of all listings cutting their asking price compared with 7.6% the same month last year. In other words, a growing number of home sellers have come to realize that their lofty expectations need a trim.”
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“Homes with price cuts are typically easy to spot, with real estate listings displaying price cuts prominently in the hopes of attracting buyers.”
“Working with a great real estate agent or broker is also essential because these professionals can search their own multiple listing service (which homebuyers are not privy to) for homes that have recently cut their asking price.”
Agents may also hear through word of mouth about home sellers who are planning to reduce their price soon, and can pass that info along to give you a leg up on other homebuyers.”
To read the full article, click on the link below:
https://www.realtor.com/advice/buy/how-to-find-price-reduced-homes-and-what-it-means-for-buyers/
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