Listings saw price cuts in the four weeks ending Sept. 20, marking the highest September share in its records. This indicates a shift in the housing market where buyers are gaining more influence. The market is described as the strongest buyer’s market on record, with bidding wars fading and homes lingering longer on the market. For buyers, this could mean more flexibility in negotiations regarding price, closing costs, and mortgage-rate buydowns. Redfin also noted that nearly 50% of homebuyers are already negotiating for these terms.
The change reflects a broader trend where the housing market, once dominated by sellers, is now tilting toward buyers. This shift is not characterized by a nationwide price collapse but rather by a complex dynamic where buyers have more leverage in negotiations and market conditions are evolving in ways that favor their position.