San Diego Takes The Crown For Most Home Price Reductions Nationwide
San Diego, California is leading the nation with the most home price reductions, though, experts say this could be a pretty good sign for buyers.
"San Diego had the most reductions — 20.5% — of the 100 biggest metro areas in the United States so far this year. (It tied with Tampa, which also saw 20.5% of homes with a price cut.)" according to National Mortgage News.
This would not have been the case three months ago when the market was so competitive, buyers were forced to make an offer on a home before they were outbid. The time is now for buyers to close in on a home before the market shows signs of fluctuation.
"This isn't a sign that the bottom is falling out of the market. Instead, after years of rapid price increases, experts say the market is becoming more stable and for the first time in quite a long time, it is shifting in favor of buyers," according to NMN.
When mortgage rates began to increase, buyers were a bit reluctant to purchase a more expensive home. If forced some of the home prices down in order to offset the purchase fear stirred by increased rates.
"Homes are also starting to stay on the market longer. In October, the average was 38 days, up from an average of 29 days in April, May and June. In October 2017, the average time on market was 35 days," according to the report.
To learn more about the number of price reductions in San Diego and what it means for home buyers, click on the image above.