The housing market is experiencing shifts towards balance, with a 20% increase in inventory compared to last year. Approximately 25% of sellers are reducing their asking prices, indicating a significant trend in the market. While bidding wars persist in competitive areas, especially in the Northeast, buyers in the Sun Belt have better opportunities to purchase homes without wrestling through bidding wars. Expert negotiation and financial preparation remain vital for buyers in any market as the landscape evolves towards a less frenzied environment.
These markets also see homes sell within 10 days, with more than half going for more than asking price a clear sign of bidding wars.
About 25% of sellers reduced their asking price in April the highest rate for that month in the history of Zillow's dataset.
To compete in these markets, buyers need their finances in order, full visibility into what's for sale and an agent who is an expert negotiator in their corner.
In contrast to the Northeast, buyers in Sun Belt cities often have a better chance of securing a home without entering a bidding war.
Zillow said that sellers may need to work harder to attract buyers.
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