Sign of Spring? More D-FW Homes Have Price Cuts
A familiar sign popping up in front of Dallas-Fort Worth homes reads "Price Reduced." D-FW is one of the 10 U.S. markets that have seen the largest percentage of price cuts for homes on the market, according to a report by Zillow. Almost 17 percent of homes listed for sale with real estate agents in North Texas have had their asking prices slashed at least once, Zillow found.
With the number of homes on the market ballooning this spring and sales down a bit, hundreds of D-FW sellers are rethinking their price tags, real estate agents say. "Yes, sellers are taking markdowns if their homes do not sell pretty quickly," top Dallas-area agent Barry Hoffer of Ebby Halliday said. "Most sellers are finally realizing that the market has changed. "What I am seeing in general is that sellers are taking price reductions after only 15 to 30 days on the market if they do not receive an acceptable offer," Hoffer said. With the number of houses on the market jumping this year about 40 percent in Dallas, Collin and Tarrant counties, there are a lot more properties for buyers to pick from. "Some fortunate sellers with homes in very desirable locations are still receiving multiple offers at or above their asking price, but not in the volume of two or three years ago," Hoffer said. "Back in 2015-17, it was not uncommon for such sellers to have five to 10 excellent offers to consider. "Personally, I think that the market is just returning to normalcy, which to some sellers, who have become spoiled by the news of what their neighbors were able to sell their homes for just a few years ago, is a little bit of a shock." The shock of home price cuts is even higher in other parts of the country. In Tampa, almost 23 percent of houses up for grabs have gotten markdowns. And in Las Vegas, 21 percent of the listings have had price cuts, according to Zillow. Houston is seeing similar repricing percentages as Dallas — almost 17 percent of listings in February. Nationwide, around 14 percent of houses on the market are getting a price reboot, Zillow says. "For a while there, there were more price reductions on existing listings than there were new listings," said Scott Schueler, an agent for Dallas' Keller Williams. "That's evened out a bit since the spring began. "It's not uncommon for sellers to overreach a bit when they first list their house," he said. "But after 60 to 90 days of not selling, they are coming back to reality and lowering their price..."
