Know Why Million-dollar mansions are losing luxury reputation
By The Exchange Team
Grocery shoppers aren't the only ones fighting "Shrinkflation", which is when the price of an item stays the same or rises even while the item gets smaller.
Homebuyers also face "shrinkflation." Size of properties buyers acquire for US$1 million is shrinking.
As per Skylar Olsen, Zillow's senior economist, inflation is affecting the housing market.
She stated money goes further for more expensive residences. The $1 million mark is notable because of buyer expectations.
The assumption that $1 million can buy a typical California home is old. Now more markets feel the same way, Olsen added.
Because of the recent heated real estate market, 72% of recent homeowners had regrets about their house purchases.
1 in 5 sellers cut their asking price in August as the market cooled. That may give buyers more time to compare prices and square space.