It's been a long time since home buyers had much negotiating power. Conditions have favored sellers for years now. But a combination of rising inventory and higher mortgage rates began to turn some markets last year. Now, it's 2023, and one new analysis says home buyers may gain some ground by year's end.
The analysis – which looked at the 100 largest housing markets in the country to determine which favor buyers, which favor sellers, and which are neutral – found a rising number of markets where buyers are seeing improved conditions. Overall, 13 markets favored buyers, 43 were neutral, and 44 favored sellers. But, if things play out as expected, those numbers will change even further by summer.
Expectations are that the spring market will remain challenging, with inventory still low and buyer activity increasing. But, as the year goes on and the number of homes for sale rises, home buyers will find more favorable conditions, particularly into summer and early fall. By the end of the year, 34 markets are forecast to be buyers' markets.
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