Buyers Gain Control of Home-Market Pendulum

While Realtor.com might call the home market “balanced,” its shift has arguably swung clearly in favor of buyers, as home sellers are making repairs and accepting contingencies.

After everything seemed to go the seller’s way the past year, the negotiation table no longer is gathering dust in the corner.

Michael J. Romer, Managing Partner of real estate law firm Romer Debbas, tells GlobeSt.com, “Prospective homebuyers have many obstacles in their way due to record high inflation and increased mortgage interest rates.

“As many have been priced out, demand for homes has subsided in many areas. This has resulted in what is best referred to as market normalization where leverage is starting to shift to the buyer.”

Buyer-Friendly Terms in 92% of Sales

Realtor.com’s survey of 449 people conducted Aug. 9-12 of those who sold their home during the past 12 months found that 92% accepted buyer-friendly terms and 41% accepted some contingencies in the contract.

Additionally, the number of buyers who requested repairs more than doubled in recent months.

In the past month, 22% of people were able to see their homes in less than one week.

George Ratiu, manager of economic research at Realtor.com, said in a prepared statement that the “overheated housing market of the past two years, which predominantly favored sellers, is beginning to regain a sense of normalcy, which is welcome news for home buyers.”