The housing market is shifting in buyers’ favor as more homes become available and competition eases. Redfin reported that,“Sellers outnumbered buyers by 58% in August, the biggest gap in Redfin’s records, driven by a surge in listings and stagnant demand”.

This is the widest gap since Redfin began tracking in 2013. Also interesting is that housing supply reached its highest level in more than a decade, giving buyers more choices and negotiating power.

Affordability remains a challenge, with mortgage rates around 7% and the median existing-home price rising 1.6% year over year. Pending sales and mortgage applications have declined, as high costs and economic uncertainty keep some buyers on the sidelines. Many homeowners are also hesitant to trade their existing low mortgage rates for higher ones.

In some markets, homes are taking longer to sell, prompting sellers to adjust prices and increase marketing efforts. Buyers with substantial cash or home equity are especially well positioned, although the overall sales pace through August remained largely unchanged from last year.

For buyers who are financially ready, greater selection and less competition offer an encouraging opportunity to find a home that fits their needs and budget.

Source: https://tinyurl.com/4vbkappx