It used to be a way to feel good about your investment. But now, maybe it’s not a good idea to check your home’s value on Zillow.
If we decide to sell, we might not get the price we want.
Indicators are beginning to show a struggle in the housing market for home sellers, and a new report from Redfin confirmed the struggle in the Dallas and Fort Worth markets.
According to Redfin’s report, 45.8 percent of home sellers in the Dallas area and 44.7 percent in the Fort Worth area have had to reduce their prices in July.
A year ago, only 22.8 percent of buyers in the Dallas area and 26.8 percent of buyers in the Fort Worth area had to drop their prices.
In Texas, only Austin ranked higher with 46.5 percent.
It wasn’t just the North Texas region that experienced price reductions. Nationwide, the share of homes for sales with price drops reached a record high in July.
“Sellers had to cut their prices because they were catching up with buyers who had come to expect lower prices amid a cooling market,” according to the report.
“Rising mortgage rates and the prospect of falling home values also made buyers hesitant to pay sky-high prices, and an uptick in supply gave them more to choose from. Price drops are likely to flatten out as sellers come to terms with the shifting market.”
Home sellers had it the worst in Boise (70 percent), Denver (58), Salt Lake City (56.4), and Tacoma (54.8).
Of the 97 metro markets in the analysis, McAllen came out the best with only 15.7 percent of sellers dropping their asking price. Other Texas areas: El Paso (20.2 percent), Houston (39.2), and San Antonio (44).
What is Redfin: The Seattle-based company is a full-service real estate brokerage.
Report review: The report is presented, frankly, in a boring chart. The data comes in a sortable, three-column grid. The cities that are linked go to Redfin’s home sales pages and maps. You’ll give up on chasing this rabbit pretty quick. 🐇 🐇.
