In our current real estate landscape, buyers are discovering they have more negotiation power—even if affordability remains a challenge. With borrowing costs hovering around 7%, it's true that stretching a budget is still tough. But with fewer competing offers, qualified buyers are finding more opportunities to negotiate price, repairs, and closing costs, or even walk away if the fit isn’t right. Mid-Q3 saw sellers outnumber buyers by about 58%, the widest gap since 2013. This shift explains the increase in price cuts and seller concessions. However, national home prices haven’t seen a sharp drop, largely because many owners have significant equity or locked in lower mortgage rates, so there’s less urgency to sell for less unless a move is unavoidable. If rates stay high, buyers' leverage could continue to grow. But if rates ease, affordability may improve, and more buyers could jump back in—meaning competition (and less leverage) would likely return. I always listen closely to my clients’ needs so I can help them navigate these market nuances—whether you’re looking for the right fit or aiming to maximize your sale, having a keen eye on these trends is key.
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