Housing Market Surge: Sellers Offering Hefty Discounts as Demand WanesThe housing market is experiencing a surprising resurgence this autumn, with sellers offering substantial price cuts to attract buyers. Zillow reports that cumulative price cuts have reached twenty-five thousand dollars in October, matching the highest discounts ever recorded. This trend is particularly evident in expensive markets like San Jose, Los Angeles, and New York, where reductions can be as high as seventy thousand dollars. However, when considering discounts as a percentage of a homes value, cities in other regions like Pittsburgh and New Orleans are offering even better deals, with typical markdowns of nine percent. This shift is a result of the housing market being frozen for the past three years due to higher borrowing costs and a shortage of available homes. Now, with demand weakening, the market is favoring buyers, giving them more leverage in negotiations and allowing them to secure better deals.

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