February 24, 2025 - 11:42
Recent trends in the housing market reveal that homebuyers are experiencing the largest discounts in two years, as sellers increasingly accept offers below their asking prices. This shift comes amid changing economic conditions and rising interest rates, prompting many sellers to adjust their expectations to attract potential buyers.
As a result, the average time it takes for a home to go under contract has lengthened to 56 days, marking the longest duration in nearly five years. This extended timeframe indicates a cooling market, where buyers have more negotiating power than they have had in recent years.
Regions experiencing the most substantial markdowns are seeing price reductions that can significantly impact the overall affordability of homes. This trend provides opportunities for buyers who may have been previously priced out of the market, allowing them to secure homes at more favorable prices.
Overall, the current landscape suggests a pivotal moment for homebuyers, as they navigate a market characterized by increased discounts and extended sale timelines.
