Price cuts on homes range from 10% to 20% in midsummer and midfall, according to Realtor.com. This season, home prices are being slashed an average of 22.7% below their original listing price, giving buyers more edge to pick and choose what they want in a home.
“We are seeing a shift from buyers settling and sacrificing to get into any home,” says Devienne Theriot, a Realty ONE Group agent in Louisiana. “Their expectations are shifting. Buyers are going back to wanting homes presentable, cleaned, touched up, staged, decluttered, and prepared for the market.”
Sellers price cut homes for a number of reasons, not all of which are related to poor, overzealous showmanship decisions. Reasons can include nearby listings are priced lower, the seller isn’t receiving many offers, the listing was originally priced low or has few showings. Most buyers know two weeks after an open house if they can sell their listing at their original asking price. Therefore, cuts tend to become strategic if the listing isn’t moving.
“Most other issues can be overlooked if your price is right,” says Gordy Marks, a management broker at RE/MAX Northwest in Kirkland, Washington.
Nationwide, 12.9% of sellers cut home prices at least once. In pandemic real estate, these price cutting windows have been extended. The experts at Amin Vali Real Estate Investment are here to help you take advantage of those windows, end-of-season or all year long.
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