Because of the historic inventory shortage, competition for homes has been steep, and prices have been rising sharply in markets across the country as a result.
But according to a recent report, it looks like that’s (finally) starting to change, spelling good news for buyers.
According to recent data from Zillow, 14% of all listings in the United States had a price cut in June 2018, and since the start of the year, the share of listings in the US that had a price cut increased by 1.2 percentage points—the largest January-to-June increase since Zillow started collecting data.
What does this mean? As the housing market starts to normalize (after years of leaning towards sellers), homeowners putting their properties on the market are having to adjust their prices in order to stay competitive—which is great news for buyers.
The TakeawayIf you’ve been thinking about purchasing a home, now is a great time to make a move and take advantage of these price cuts.