While Realtor.com might call the home market “balanced,” its shift has arguably swung clearly in buyers’ favor as home sellers make repairs and accept the unexpected.
After everything seemed to go the seller’s way last year, the trading table is no longer gathering dust in a corner.
Michael J. Romer, managing partner of real estate law firm Romer Debbas, told GlobeSt.com: “Potential buyers face many obstacles due to record inflation and rising interest rates. mortgages.
“As many have been sold out, demand for homes has declined in many areas. This has resulted in what is best called market normalization, where leverage begins to shift towards 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 homes in the past 12 months found that 92% accepted buyer-friendly terms and 41% accepted some contingencies in the contract.
Additionally, the number of buyers requesting repairs has more than doubled in recent months.
In the past month, 22% of people were able to see their home in less than a week.
George Ratiu, head of economic research at Realtor.com, said in a prepared statement that “the overheated housing market of the past two years, which has primarily favored sellers, is beginning to regain a sense of normalcy, which is good news for home buyers.” .”