The U.S. housing market has been a whirlwind for buyers in recent years! But according to a recent Zillow report featured on Business Insider, there might be a shift on the horizon.
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Increased Inventory: There’s a rise in the number of homes available for purchase. In June, 24.5% of listings experienced price cuts, marking the highest discount rate for that month since 2018.
Price Adjustments: Steadily high costs and a growing inventory are causing sellers to be more flexible on pricing. This presents an opportunity for homebuyers to find deals.
Buyers Gain Leverage: The fierce competition that defined the market in recent years is starting to ease. With more options and lower asking prices, buyers are regaining some negotiation leverage.
Regional Variations: While the national trend suggests a shift, some areas are experiencing a more buyer-friendly market than others. Southern cities like New Orleans, Miami, and Tampa are showing the strongest buyer markets.
In summary, the U.S. housing market is shifting with more homes available and increasing price cuts. Buyers gain negotiating power as competition eases. Southern cities lead the way in becoming buyer-friendly markets.
