Between low inventory, fierce competition, and all-time high home prices, there’s no denying that the past few years have been tough on buyers.
But things are changing—and in many ways, the real estate market is starting to shift towards buyers.
So what, exactly, are those shifts? A recent video from realtor.com outlined some of the more positive realities of buying a home in today’s real estate market, including:
- Many markets are cooling down. Just about every market across the US has been red-hot for the past few years. But in many markets, things are starting to cool off—and that cooling off presents a serious opportunity for buyers. If you’re not sure where your desired market stands, talk to your real estate agent; they can give you insight into what’s happening in your market—and whether things have cooled down enough to make it an ideal time to buy.
- Buyers have more leverage. Thanks to the frequency of bidding wars over the past few years, buyers have had to do everything they could to make their offers more attractive—including waiving contingencies and forgoing concessions. But as markets cool down, buyers have more leverage—which means that if you’re buying in today’s market, there may be room for you to ask for certain contingencies and concessions, like asking the sellers to cover closing costs or making the deal contingent on you selling your current home.
- More options on the market. For the past few years, homes have been flying off the market almost as quickly as owners can list them—and often for higher than the asking price. But again, markets are changing. While properly priced homes are still selling quickly, many homes (particularly if they’re priced high) are spending more time on the market. This leads to more options on the market, more opportunities to find and buy a house, and more opportunities for buyers to negotiate (since the longer a home sits on the market, the more likely the seller will be to negotiate).