Bargainer’s Market: 92% Of Recent Home Sellers Accepted Buyer-Friendly Terms
Summary
Homebuyers are regaining a bit of bargaining power, according to a new Realtor.com survey, which reported that buyer-friendly terms and contingencies are more common in 2022 sales contracts. Among the 449 people surveyed, the number of buyers asking for repairs based on the inspection results more than doubled in recent months, and the number of sellers refusing to make repairs dropped to zero, indicating that negotiation is making a comeback in the housing market. “Our survey shows that the overheated housing market of the past two years, which predominantly favored sellers, is beginning to regain a sense of normalcy, which is welcome news for home buyers,” said George Ratiu, manager of economic research, Realtor.com. “The combination of higher mortgage rates and prices have noticeably cooled demand over the first half of the year. "In addition," he continued, "as more homeowners have been listing their properties, rising inventory is motivating more of them to resort to price cuts in order to successfully close transactions.
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