Sellers tend to lower the asking price on their homes most often during late summer and fall, specifically from August through November. Here's a breakdown of when and why this happens:
Late Summer (August - September): By late summer, sellers who listed their homes in the spring or early summer may be eager to close a deal before the school year starts or the fall season begins. If the home has been on the market for several weeks without much activity, they may reduce the price to attract more buyers.
Fall (October - November): In fall, many sellers want to finalize sales before the winter holiday season and before the colder weather in many areas. Homes that have been sitting on the market since summer or earlier may see price cuts as sellers become more motivated to close a deal before the year ends.
End of the Year (December): By December, motivated sellers often reduce prices further if they need to sell by the end of the year. These can be financially motivated sellers, or those looking to avoid carrying costs (like property taxes and heating costs) through the winter.
While these trends apply broadly, specific price trends can vary by region and local market conditions.
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