Homebuyers in the Phoenix area are finally gaining an advantage after years of dealing with high prices and fierce competition. A surge of new listings has led to a bump in available inventory, giving shoppers more options and leverage to negotiate on price, concessions, and repairs. Agents say sellers are adjusting to the new reality, becoming more willing to cut deals and offer incentives like help with closing costs or rate buydowns to get their homes sold.
Despite higher mortgage rates, the abundance of homes on the market means buyers aren’t rushing into purchases or bidding wars like they did during the pandemic. Experts believe this shift could signal a more balanced housing market for the metro area, giving some relief to those frustrated by the frenzied conditions of recent years.
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