Homeowners Looking to Sell Face Tough Reality as Housing Market Prices Decline. Sun Belt States See 30% Price Cuts and Rise in Inventory.
Declining prices in some housing markets signal a challenging reality for homeowners looking to sell. Falling mortgage rates could bring buyers back to a previously unaffordable market. In the Sun Belt, which saw increased demand during the COVID-19 pandemic, there is now a significant rise in housing inventory and price cuts. States like Colorado, Arizona, Texas, Florida, and Tennessee are seeing price cut rates above 30%. While this is difficult for sellers, it may present an opportunity for buyers who have struggled with high mortgage rates and record-high prices.
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00:00It's Benzinga, and here's what's on the block.
00:03Declining prices in some housing markets signal a challenging reality for homeowners looking
00:07to sell.
00:08Falling mortgage rates could bring buyers back to a previously unaffordable market.
00:13In the Sunbelt, which saw increased demand during the COVID-19 pandemic, there is now
00:16a significant rise in housing inventory and price cuts.
00:20States like Colorado, Arizona, Texas, Florida, and Tennessee are seeing price cut rates above
00:2430%.
00:26While this is difficult for sellers, it may present an opportunity for buyers who have
00:29struggled with high mortgage rates and record high prices.
00:32For all things money, visit Benzinga.com.