Update

Market Shift: More Leverage for Buyers!

The housing landscape is evolving—here’s what you should know:

Less Competition: Bidding wars are slowing down, and sellers are more open to negotiations. Homes are selling for about 2% less than their listing prices, giving buyers better opportunities.

More Inventory: New listings increased by nearly 5% in January, marking the highest home availability in six years. More options mean a better chance of finding your ideal home.

Negotiation Power: Sellers are more willing to accept lower offers, especially on homes needing repairs. One buyer recently secured a $35,000 price reduction after an inspection revealed necessary fixes. In today’s market, it’s also common for sellers to cover closing costs, providing even more value to buyers!

Slower Market Pace: Homes are staying on the market for nearly two months, creating more opportunities for buyers to negotiate favorable terms. Sellers are increasingly motivated to offload properties, giving buyers leverage to secure better deals.

Tips for Buyers:

Rates have improved—contact your loan officer to see if this has increased your purchasing power. Research different areas—some remain competitive, while others offer great deals. Consider homes needing minor updates — they often come with a lower price tag.