HomeLight Report Warns U.S. Sellers of Market Shifts
HomeLight identifies five primary shifts in the U.S. housing market, including rising inventory and increased buyer leverage, that sellers are unprepared for over the next six months.
A new Top Agent Insights report from HomeLight identifies five primary shifts in the U.S. housing market that sellers are unprepared for over the next six months. The report highlights a transition away from the passive selling era, driven by rising inventory that reached 1.62 million existing homes in August.
Buyer leverage has increased significantly, with approximately 42% of homes currently seeing price cuts. Buyers now prioritize precise pricing and home condition over the bidding wars common in 2021. This shift has extended the typical time a home remains on the market to between 50 and 60 days.
Second-round negotiations following home inspections have become standard practice. These negotiations frequently include requests for repair credits or mortgage rate buydowns. Real estate agents warn that while mortgage rates may decrease, buyers remain price-sensitive and informed. Consequently, lower rates alone are unlikely to restore the fast-moving market conditions of previous years.
