BUSINESS + ECONOMY

Good news for home buyers, sellers are dropping their home prices

Aug 31, 2022, 1:44 PM

for sale sign in front of home...

FILE: A for sale sign is pictured in Salt Lake City on Thursday, July 15, 2021. Most Americans still think owning a home is part of the American Dream. Aspiring homeowners are willing to make some big sacrifices, according to a survey. (Kristin Murphy/Deseret News)

(Kristin Murphy/Deseret News)

SALT LAKE CITY — Cities like Sacramento, Boise, and Salt Lake City were boomtowns for home sellers at the peak of the pandemic. But now, those same sellers are dropping their home prices.

And real estate brokerage firm Redfin says rising interest rates aren’t solely to blame. Instead, the brokerage said that “unrealistic expectations” involving price and timelines, are the culprits.

And the grapevine didn’t help. The Redfin report shows that sellers across the country based home prices on the prices their neighbor set. And some of those prices are apparently, now, too high.

Redfin reports almost 70% of homes for sale in Boise lowered their original sales price in July. Denver has the second highest number of price drops at 58%, followed closely by Salt Lake City where 56.4% of all sellers lowered their prices in July.

In fact, the number of homes for sale across the country with owners that lowered asking prices reached a record high in July. Redfin also reports that buyers are more hesitant to buy as home values begin to fall and mortgage rates continue to rise.

That means there are more houses for buyers to choose from, and explains a cooling housing market.

Redfin offers this advice:

  • price your home correctly from the start
  • accept that the housing market has slowed, and
  • be prepared for your home to be on the market longer than 30 days.

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Good news for home buyers, sellers are dropping their home prices