These 8 U.S. cities could soon become buyer’s markets. Here’s where house hunters may have more leverage
It’s a good time to be house hunting in the South, as home buyers currently have the upper hand in many major areas—and could soon have more leverage in several more cities. The U.S. housing market ticked further in favor of buyers in the third quarter, as about two-thirds of major metro areas currently favor buyers or are moving in that direction, according to a report released Monday by…
As the U.S. housing market continues to shift, eight U.S. cities could soon become buyer's markets, providing house hunters with more leverage. According to a report by Realtor.com, about two-thirds of major metro areas currently favor buyers or are moving in that direction. Despite higher mortgage rates, which currently stand at 7.4%, buyers may find themselves with more negotiating power in these cities.
Danielle Hale, chief economist at Realtor.com, notes that affordability will remain a top concern for shoppers, especially with mortgage rates nearing their highest level in nearly three years. Even if buyers have more room to negotiate, the rise in mortgage rates may still result in a lower home price due to the limited purchasing power of a fixed budget.
The eight cities that could soon tip into buyer's market territory are Atlanta, Augusta, Charleston, Chattanooga, Denver, Jacksonville, Memphis, and San Antonio. However, it's important to note that this increased negotiating power does not necessarily translate to more affordable purchases.
Written by urgent.news from Fast Company's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
