Home sellers in the U.S. have recently faced diminished power due to rising inventory levels, which have surged 17% year-over-year. Buyers, previously hindered by economic uncertainty and affordability concerns, now find opportunities. Home prices remain high, but appreciation has stagnated, and interest rates have slightly decreased. Homes currently sell within 17 days, indicating a slowdown. Many sellers are compelled to list their properties despite unfavorable market conditions, enabling buyers to negotiate price reductions, closing cost assistance, and rate buydowns, particularly in competitive states like Florida and Texas.
Sellers need to work harder now, there's more competition in the market. Buyers may negotiate for price cuts, assistance with closing costs, or mortgage rate buydowns.
With inventory up 17% year-over-year, there are now more homes on the market than at any time since 2019, and sellers are cutting prices.
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