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Old 08-18-2019, 07:41 AM
 
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Iím new to looking for a home, but in the past weeks Iíve been seeing more homes with price reductions. Does this say anything about the market weakening?
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Old 08-18-2019, 07:49 AM
 
Location: The Triad (NC)
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Quote:
Originally Posted by Berteau View Post
I’m new to looking for a home, but...
Update your user info so your location shows.

Quote:
Does this say anything about the market weakening?
Which market? Which 5 sq mile portion of that market?
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Old 08-18-2019, 08:03 AM
 
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It may. It does show that the original listing prices were too high.
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Old 08-18-2019, 08:05 AM
 
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Originally Posted by MrRational View Post
Update your user info so your location shows.

Which market? Which 5 sq mile portion of that market?
Fishers Indiana
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Old 08-18-2019, 09:15 AM
 
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As the peak spring buying season (in most markets) nears its end in the summer, sellers start to get a little more motivated.
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Old 08-18-2019, 10:25 AM
 
Location: Gainesville, FL
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Quote:
Originally Posted by Berteau View Post
Iím new to looking for a home, but in the past weeks Iíve been seeing more homes with price reductions. Does this say anything about the market weakening?
It means they were likely priced too high to begin with. Summer is over and thatís prime real estate season. How long have these properties been on the market? Anything weird about them that might be causing them to sit longer? If youíre working with a buyerís agent, what does he think? There could be private MLS comments that indicate something youíre missing about these properties that makes them less desirable.

Real estate is hyperlocal so I wouldnít be so quick to say the market is weakening as a whole, but perhaps in your area. I suspect it will be weakening even in small markets within say, a year. Busy markets took a hit already.
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Old 08-18-2019, 10:34 AM
 
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I looked at a neighborhood in midtown Phoenix that has been hot for several years, and today I noticed Zillow calling it a buyer's market for the first time in years.
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Old 08-18-2019, 02:32 PM
 
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If it doesn't sell you have two choices, wait for a buyer at the current price or lower your price. Sellers usually get a little antsy if selling season is coming to a close or they haven't gotten the traffic they thought they would get and will drop prices a bit to stay current on the new listings page.
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Old 08-18-2019, 08:24 PM
 
Location: Denver CO
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Even in a strong seller's market, people can get greedy. I know two people who sold houses in the same gated community, they were listed within a week or so of each other. One was properly priced and was under contract within a couple of days, the other was overpriced, and after several price drops, finally sold 10 months later, for just a few thousand more than the first one. The market here is still pretty strong, but if you push it too far, it will backfire. So no one can answer the OP's question without knowing all the specifics.
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Old Yesterday, 12:17 AM
 
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Quote:
Originally Posted by Hal Roach View Post
I looked at a neighborhood in midtown Phoenix that has been hot for several years, and today I noticed Zillow calling it a buyer's market for the first time in years.
First, consider the source.
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