Bloomberg Wealth: Home Sellers Are Slashing Prices as Market Cools
Home sellers are cutting their asking prices as the market shows signs of cooling down.
Photographer: Matthew StaverIt was exactly five months ago when this newsletter greeted you with the words “it’s a seller’s market in US real estate right now.” A lot has changed.
Take, for example, George Giacoia, a 70-year-old retiree who put his Southampton home on the market in May for $1.695 million. The Hamptons market soared during the pandemic, reaching record highs, which convinced Giacoia and his real estate agents that the house would find new owners fast.