Around 22 percent of home sellers with active listings have slashed their asking prices, giving potential buyers more negotiating power in deals, according to a recent update from real estate brokerage Redfin.
Redfin registered a record high in price drops for the four weeks ending Oct. 11, with median home-sale price growing at the slowest growth rate since March this year. Meanwhile, homebuying demand remains near the record low, the brokerage said.
“For house hunters who have the budget and job security to purchase a home in today’s market, that creates a unique opportunity: They can be picky, negotiate, and even walk away if the deal doesn’t make sense financially or they find something they like better,” Asad Khan, a senior economist at Redfin, said in an Oct. 14 company report….