Account ClosedI'm not seeing any obvious indicators that we are going to see a significant reduction of prices in San Diego.

Additionally, the enticing sales incentives provided by many builders, such as price reductions and mortgage rate buydowns, are steering prospective homebuyers towards considering new construction for their next home purchase.In the period spanning from September 2022 to August 2023, Pending Sales in the Charlotte region witnessed an overall decline of 20.8%.

I would check out one of the recent releases 153: HousingWire CEO: This Inventory Shortage Could Last Decades w/Clayton Collins as I think this episode would provide insight on what markets may see the biggest price reductions!

If the reduction is close to what you are going to pay to turn the unit over in holding costs and renovation work, I'd let them stay at a reduce rate.

However, Prop 8 actually does allow for the temporary reduction of our property taxes during a downtown. 

And the city has already announced cutbacks, so it could take longer if the staff gets hit with reductions. 

If it is safe, how do I negotiate with the seller for a lower price (Can I ask 10-20% reduction?).

I had an inspector once find issues that resulted in $47k price reduction.  

Actually they can, in the form of Costs and Fees reduction. 

I'm working with a seller and they are offering a price reduction or to pay for points.