By Yuqing Pan | realtor.com
For the most part, homeowners across the U.S. are sitting pretty these days. Home prices are going up, up, up—in the country’s hottest markets, it’s a full-throttle seller’s market. But not everywhere, or for every home. In fact, you can even find homes in the nation’s biggest metropolitan areas that have sat on the market for weeks, whose price has been reduced, then reduced again, whose owners are tearing out their hair, wondering why in creation their home won’t sell.
For sellers, this is a bummer. For buyers, not so much.
So we put our data team on the case to find those metros where the biggest percentage of price-slashed houses can be found. Bargain hunters, get ready!
“Despite the fact that home prices are now setting new records in most of the country, price reductions on listed homes are quite common,” says Jonathan Smoke, realtor.com®‘s chief economist. “A price reduction can happen for lots of reasons, including adjusting an unrealistic initial price, a new sense of urgency, or motivation by a seller, or declining market trends.”