Experts Say That Home Buyers Are Gaining More Power |

Abstract

Affordability has become a large challenge, and low home inventory has left buyers few options to choose from. Greater home inventory and more options Home inventory has already begun to increase, and many listings are beginning to lower their sales prices. Seven percent of homes for sale see a price drop every week - showing that seller and buyer power is starting to reach a better balance. New home construction is also set to boost total inventory. "The bottleneck of new construction homes that were not yet completed has finally given way so increases in new construction delivery in the short run will also boost overall availability of homes," says Nicole Bachaud. More price cuts and reduced listing prices Not only do more homes on the market offer more options for buyers, but they can also increase the likelihood of additional price cuts. "The rapid increase in inventory means that sellers need to think carefully when setting an asking price," says Holden Lewis, home and mortgages expert at NerdWallet.