Know The Difference Minute

After several years of home sellers being in driver’s seat, the balance of power might be shifting.

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Welcome to the Know the Difference Minute for Wednesday, August 31st.
After several years of home sellers being in driver’s seat, the balance of power might be shifting.
According to Realtor.com, homes that sold at or above asking price in February and March peaked at 82%. That’s when mortgage rates were in the 4% range. Now, with rates climbing, sales at or above listing price are down 13 points. On the flipside, sales below asking price rose to 31% last month vs. 18% at the beginning of the year.
When bidding wars were hot, many home buyers waived inspections. Risky move but it didn’t matter when multiple offers were on the table. Now, 95% of surveyed sellers are providing inspections as part of the transaction. Requests for home repair post-inspection have doubled.
The current debate is whether we’re in a housing recession or not. No matter what, the game is changing.
For Dave Spano, I’m Danny Clayton from Annex Wealth Management. That is your Know the Difference Minute.