It’s been a while since the market favored home buyers. With inventory hovering near historic lows, home sellers have reaped the benefits of bidding wars, buyer competition, and spiking prices for most of the past several years. Now things may be changing. The number of homes for sale remains low but recent improvements have conditions looking better for buyers than they’ve been in years. In fact, according to a recent analysis from the National Association of Realtors’ consumer website, price cuts on homes for sale are higher than they’ve been since 2019, with reductions rising in 34 of the 50 largest metro areas. Danielle Hale, the website’s chief economist, says things should only get better. “Sellers are starting to warm up to the current environment, wading into the market in increasing numbers despite market mortgage rates that are likely above their existing rate, if they have a mortgage,” Hale said. “As seller optimism swells, we may see even further inventory gains later in the season that will likely create a more balanced environment for hopeful home buyers.” (source)
