Even though home prices have risen compared to a year ago, there are indications that the market's fervor is subsiding. Recent reports suggest that price gains are tapering off and home sellers are becoming more willing to negotiate following a slow spring season. According to Redfin, for the first time since the onset of the COVID-19 pandemic, the typical home in the U.S. sold for slightly less than its asking price – approximately 0.3 percent lower – in the four weeks ending June 23. A year ago at the same time, homes were typically selling at their list price, while two years ago they were selling at around 2 percent above list price.
Despite this shift, just under two-thirds of homes still sold above their asking price in the past month. Mortgage rates remain high, with the average rate for a 30-year fixed mortgage hovering above 7 percent for the third consecutive month, according to Mortgage News Daily. However, there is a growing supply of homes on the market. Total active listings are now 35 percent higher compared to this time last year, as reported by Realtor.com.
As a seasoned realtor in this evolving market, I am committed to helping you navigate these changes with expertise and precision. Whether you're selling your home or looking to buy, I provide personalized guidance tailored to your specific needs. With a deep understanding of local market trends and a strategic approach to negotiations, I ensure that your real estate transactions are smooth and successful. My goal is to empower you with knowledge and support every step of the way, ensuring you make informed decisions that align with your goals. Together, we can achieve optimal results in this dynamic market.
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