Market changes put buyers in the driver’s seat

by Liz Hughes

While the cost of buying a home has risen, homebuyers are actually in the driver’s seat right now in several aspects of the homebuying process.

From dropping home prices, increased inventory and homes staying on the market longer, today’s buyers should look at the upside to what the market means for their prospects, according to a new Realtor.com report

Home prices last month continued to fall from the summer’s record highs as the number of homes on the market was up 35.5% nationally from a year ago. Homes are staying on the market an average of 51 days, up six days from last year, which means buyers have more time to make a decision. 

The report indicates that whereas previously, buyers had to fight through bidding wars, waive contingencies and pay cash to get the homes of their dreams, today, 92% of sellers are accepting some “buyer-friendly terms” related to home inspections, financing or appraisals. 

Several factors are giving power back to buyers in today’s market. 

Fewer home showings: The report found home showings are down, giving buyers more power and making it less stressful to look for a home, get in to view one and not have to worry about competing bids. 

Falling prices: Falling average home prices can balance out the current mortgage rate hikes, according to the report. 

No more waiving contingencies: With less competition, buyers don’t need to make desperate moves like waiving contingencies and inspections. 

Less competition: Less competition also gives buyers back the bargaining power they didn’t have throughout the pandemic and the summer months.

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