"Homebuyers are finally gaining the upper hand in the real estate market. It's no longer the market of 2020, when buyers fought over scarce listings, and sellers had more leverage. Today, there's a surplus of homes for sale across many cities. And with demand softer thanks to higher mortgage rates, a shakier economy, and still-high prices, listings are sitting on the market longer. It's giving power back to buyers, who face less competition and have more choices."
"Realtor.com identified 10 metros where buyers have the most bargaining power. Most are in the South, and are located in the Sun Belt - a region that stretches from Florida to California. Of all states, Florida has the most metros on the list. "In Florida, growing supply has coincided with softening demand amid rising housing costs that have pushed more buyers to the sidelines," said Hannah Jones, a senior economic research analyst at Realtor.com. "New construction has continued to add inventory even as affordability constraints have reduced buyer activity.""
Homebuyers have regained leverage as many metros now show a surplus of listings and softer demand. Higher mortgage rates, a shakier economy, and persistent high prices have reduced buyer competition and lengthened time on market. The strongest buyer markets concentrate in the Sun Belt and the South, with Florida containing the most metros where buyers hold bargaining power. Growing supply and continued new construction have increased inventory, while affordability constraints have sidelined some buyers. Median listing prices and months of supply vary across metros, reflecting differing degrees of buyer advantage.
Read at Business Insider
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