Phoenix has officially entered a buyer’s market for homes, according to The Cromford Report, which tracks housing trends in the Valley. The change means that buyers now have more leverage when negotiating price and terms, with an increase in for-sale listings and a dip in overall demand pushing the market balance away from sellers. This shift is notable after years of a strong seller’s market fueled by low inventory and high demand.
The Cromford Market Index, a measurement of whether the market favors buyers or sellers, has tipped below the threshold into buyer-friendly territory for the first time in over nine years. Real estate experts say buyers can now expect more choice, longer time on the market for listings, and the potential for price negotiations, although prices have so far remained relatively stable.
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