Consumers are gaining the upper hand in buying a home right now due to several key factors shifting in their favor:
1. Rising Housing Inventory
- More homes are hitting the market as sellers adjust to changing conditions, reducing competition among buyers.
- A higher supply gives buyers more options and negotiating power.
2. Declining or Stabilizing Home Prices
- After a period of skyrocketing prices, many markets are seeing price corrections or at least slower growth.
- Sellers may be more willing to negotiate on price, closing costs, or repairs.
3. Higher Mortgage Rates Slowing Demand
- Elevated mortgage rates have pushed some buyers out of the market, reducing bidding wars.
- Those who remain active have less competition and can negotiate better deals.
4. Incentives from Sellers and Builders
- Homebuilders are offering incentives like mortgage rate buy-downs, closing cost assistance, or free upgrades.
- Individual sellers are more open to price cuts, contingencies, and covering repair costs.
5. Longer Days on Market
- Homes are sitting on the market longer, signaling a shift toward a buyer’s market.
- Buyers can take their time, compare options, and make strategic offers rather than rushing.
6. Market Adjusting After Post-Pandemic Surge
- The extreme seller’s market from the pandemic era is cooling down as affordability issues impact demand.
- Many markets are seeing a return to more balanced conditions, favoring well-qualified buyers.
For information on how YOU can take advantage of the market, please reach out to mchurch@acmllc.com
