June 21, 2022
The housing market is cooling off quickly, and now more than one in four sellers are cutting their prices to entice buyers who have become far more cautious about making an offer.
Altos Research reports that prices have been cut on more than 25% of homes on the market right now. “Rising rates and the shift in the economy has slowed down the super-eager buyers,” says Mike Simonsen, co-founder and CEO of Altos Research. “We’re shifting from a real buying frenzy to much more normal conditions.”
In Brickell, the Downtown area, almost 10% of the listings had a price reduction in the last 30 days; in Coral Gables, this number jumps to almost 14%.
According to Redfin chief economist Nela Richardson, discouraged sellers are putting their homes back on the market after they failed to sell last time out. Overall listings have increased 10 percent since last year, with more than half (52 percent) of sellers in the top 50 metros listing their homes for less than they did previously.
This is a great time to start thinking about your next move in the market. If you are considering selling, now is the time to get started on it. If you're not ready to sell yet but want to find out more about how much your home may be worth, contact me today and let's talk!
Andre De Britto is a Realtor Associate at Coldwell Banker and a member of The MIAMI Association of Realtors.