In 2023 and 2024, US home sales have reached their lowest point since 1995. High mortgage rates, influenced by Trump's tariffs, have deterred many buyers; however, less competition has emerged as sellers face increased urgency to move due to various life changes. This shifting dynamic is allowing some buyers to negotiate better deals amid falling prices in certain regions. Although home prices rise in markets like the Northeast and Southern California, reductions are being seen elsewhere, suggesting a changing landscape in housing affordability.
"With the passage of time, you essentially have some people really needing to move, despite the higher mortgage rates... all these life-changing events are constantly occurring, and they accumulate."
"Homebuyers are 'not getting into bidding wars as often... Because there are fewer buyers, they have more negotiating power.'"
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