The red-hot housing market is starting to cool down — especially in some cities across the country. Higher mortgage rates, inflation and general economic uncertainty are just some of the factors driving prices down. Since the homes have been present in the market for a long time, this could be an opportunity for some home buyers.
according to a recent news redfin report, here are the 10 fastest-cooling housing markets in America. If you’re looking for a home in any of them, you may have more negotiating power than buyers a few months ago.
Seattle, WA
redfin says, “Seattle’s housing market is slowing down faster than any other housing market in the country.” Washington state’s largest city has long been one of the most expensive housing markets in the country, so this could be an opportunity for buyers who can face higher mortgage rates or pay in cash.
The report found that 34% fewer homes sold in Seattle during the first two weeks of August than last year. And prices are falling too – the typical home sold in August for 2% less than a month earlier. This means home sellers may be more motivated to negotiate a price with you as a result.
Las Vegas, NV
While Seattle was a housing hotspot before the pandemic, Las Vegas became a popular choice when relocating to remote work became an option. ksnv news 3 It is said that Las Vegas became a so-called “zoom town” because people there could get more bang for their buck than in more expensive big cities like NYC, San Francisco, and Seattle.
Unfortunately, demand has caused house prices to skyrocket. For example, redfin Say, this August, the cost of a typical home in Las Vegas is about 35% higher than it was at the start of the pandemic. Despite this fact, things may change in a way that will help the buyers. Home prices fell 3% from July to August and 26% fewer homes sold.
Getty
