Sellers struggle in some areas, while buyers face affordability challenges
Home sellers no longer hold the same negotiating power they once did during periods of high demand.
The housing market slowdown across the US is impacting both buyers and sellers. Sellers are finding it harder to get top prices, with some even delaying listing plans. At the same time, fewer buyers are qualifying for mortgages, and those who do often struggle with monthly payments.
A Redfin report showed that the median monthly payment has come close to matching its record level, reaching $2,686 earlier this month.
With sellers’ bargaining power dwindling from the peak demand days and many buyers refusing to negotiate, certain US markets are witnessing homes linger on the market for unusually extended periods, according to Creditnews Research.
Analyzing data from the 100 largest metro areas, the report found southern markets experiencing the most pronounced slowdown.
In some southern metro areas, finding a buyer can take over two months, with Austin, Texas, topping the list at an average of 66 days to secure a sale.
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Meanwhile, the fastest-selling metro areas are concentrated on the East Coast. Connecticut, New York, and Massachusetts dominate the list of markets where homes sell quickly. Hartford, Connecticut, takes the lead as the fastest-selling metro in the US.
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