Signs the housing market is turning more buyer-friendly:
A house for sale is seen in an undated stock photo.When Jarvis Claiborne and his wife Renada were pre-approved for a mortgage in February, they were excited to start shopping for their first home in Houston, Texas. But that excitement quickly turned to shock and frustration as they realized they couldn’t compete with all-cash offers that were often tens of thousands of dollars above a home’s listing price.
“It feels a little surreal,” Feiton told ABC News about finally having a seller accept her offer. An information technology consultant, Feiton is paying $46,000 above the asking price of $479,000. Sales of previously owned homes fell in May for the fourth straight month as more buyers give up, pressuring sellers to cut asking prices. More than one in five homeowners dropped their asking price in May, according to the real estate brokerage Redfin, and for the first time in three years, Realtor.com said the number of homes for sale is on the rise, up 21% in June compared to a year ago.
“A couple of months ago, it wasn't unusual for a home to get 10 to 20 offers,” said Sarah Drennan, executive vice president at Terrie O’Connor Realtors in Northern New Jersey. “Now, they're still getting a number of offers, but it's less than 10.”Mortgage applications sank 16% in June and are now less than half what they were a year ago, according to the Mortgage Bankers Association.
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