In many markets, there were simply more sellers than shoppers, and properties that lingered were quietly taken down rather than repriced.
Relistings test buyers’ new bargaining power
“Many sellers who pulled their homes off the market last year are relisting now in hopes of capitalizing on spring homebuying season,” said Andrew Vallejo, a Redfin Premier agent in Austin, Texas.
“I’m working with one couple who plans to relist their current home as soon as they close the deal on the house they’re in the process of buying. Their house was on the market last year, but they didn’t have an incentive to lower the price enough to attract buyers because they hadn’t yet found their dream home.”
Mortgage rates fell to about 5.98% last week, the lowest level in more than three years, giving would‑be buyers slightly more room in their budgets.
“Homebuyers are already scoring discounts because there are more homes for sale than people who want to buy them, and it’s possible those discounts will get bigger if relistings boost supply further,” said Redfin senior economist Asad Khan.
