{"id":2466,"date":"2018-08-23T10:00:42","date_gmt":"2018-08-23T10:00:42","guid":{"rendered":"https:\/\/thezakariagroup.com\/what-does-the-recent-rash-of-price-reductions-mean-to-the-real-estate-market\/"},"modified":"2018-08-23T10:00:42","modified_gmt":"2018-08-23T10:00:42","slug":"what-does-the-recent-rash-of-price-reductions-mean-to-the-real-estate-market","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/what-does-the-recent-rash-of-price-reductions-mean-to-the-real-estate-market\/","title":{"rendered":"What Does the Recent Rash of Price Reductions Mean to the Real Estate Market?"},"content":{"rendered":"<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"648\" height=\"354\" src=\"http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/08\/21113241\/20180823-Share-STM.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"What Does the Recent Rash of Price Reductions Mean to the Real Estate Market? | Simplifying The Market\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" srcset=\"http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/08\/21113241\/20180823-Share-STM.jpg 750w, http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/08\/21113241\/20180823-Share-STM-549x300.jpg 549w\" sizes=\"(max-width: 648px) 100vw, 648px\"><\/p>\n<p>Last week, in a <a href=\"http:\/\/zillow.mediaroom.com\/2018-08-16-National-Housing-Market-Experiencing-More-Price-Cuts\">new report<\/a> from <em>Zillow<\/em>, it was revealed that there has been a rash of price reductions across the country. According to the report:<span id=\"more-37996\"><\/span><\/p>\n<ul>\n<li>There are more price cuts now than a year ago in over two-thirds of the nation\u2019s largest metros<\/li>\n<li>About 14% of all listings had a price cut in June<\/li>\n<li>Since the beginning of the year, the share of listings with a price cut increased 1.2%<\/li>\n<li>This is the greatest January-to-June increase ever reported, and more than double the January-to-June increase last year<\/li>\n<\/ul>\n<p>Senior Economist Aaron Terrazas further explained:<\/p>\n<blockquote>\n<p><em>\u201cA rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points and primarily in markets that have seen outsized price gains in recent years.\u201d<\/em><\/p>\n<\/blockquote>\n<h4><strong>What this DOESN\u2019T MEAN for the real estate market\u2026<\/strong><\/h4>\n<p>This doesn\u2019t mean home values have depreciated or are about to depreciate.<\/p>\n<p>A seller may put a home worth $300,000 on the market for $325,000 hoping a bidding war will occur and an overanxious buyer will pay more than its actual value. That has happened often over the last few years. If the seller gets no offers and reduces the price to $300,000, it doesn\u2019t mean the home dropped in value. It is still worth $300,000.<\/p>\n<p>Home prices will continue to appreciate over the next 12 months. In this same report, Terrazas remarks:<\/p>\n<blockquote>\n<p><em>\u201cIt\u2019s far too soon to call this a buyer\u2019s market, home values are still expected to appreciate at double their historic rate over the next 12 months, but the frenetic pace of the housing market over the past few years is starting to return toward a more normal trend.\u201d<\/em><\/p>\n<\/blockquote>\n<h4><strong>What this DOES MEAN for the real estate market\u2026<\/strong><\/h4>\n<p>This does mean that sellers should <a href=\"https:\/\/www.simplifyingthemarket.com\/2018\/07\/24\/selling-your-home-heres-2-ways-to-get-the-best-price\/?a=357097-d98bb2836a7be92ba06574347ce699e8\">be more conservative<\/a> when it comes to the price at which they list their homes \u2013 especially sellers in the upper end of each market.<\/p>\n<p>Sellers have been listing their homes at inflated prices hoping a super-hot market will deliver a buyer willing to pay virtually any price to ensure they don\u2019t lose the house. That strategy has worked somewhat successfully over the last two years. However, the time that strategy would have worked may have passed.<\/p>\n<p>Again, quoting Aaron Terrazas in the report:<\/p>\n<blockquote>\n<p><em>\u201cThe housing market has tilted sharply in favor of sellers over the past two years, but there are very early preliminary signs that the winds may be starting to shift ever-so-slightly.\u201d<\/em><\/p>\n<\/blockquote>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>Prices are not depreciating. However, if you want to sell your house quickly and with the least amount of hassles, pricing it correctly from the beginning makes the most sense.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, in a new report from Zillow, it was revealed that there has been a rash of price reductions across the country. According to the report: There are more price cuts now than a year ago in over two-thirds of the nation\u2019s largest metros About 14% of all listings had a price cut in [&hellip;]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[100,102,101,108],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Does the Recent Rash of Price Reductions Mean to the Real Estate Market? - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/what-does-the-recent-rash-of-price-reductions-mean-to-the-real-estate-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Does the Recent Rash of Price Reductions Mean to the Real Estate Market? - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Last week, in a new report from Zillow, it was revealed that there has been a rash of price reductions across the country. 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