Homebuyers are finally gaining leverage in the Phoenix housing market after years of being squeezed by rising prices and stiff competition. Inventory is growing, homes are taking longer to sell, and more sellers are cutting prices — trends that mark a significant shift from the chaos of previous years when bidding wars were standard and buyers had little room to negotiate. Industry experts note that while mortgage rates remain high, the slower pace of the market and increased inventory are offering buyers more time and leverage to find the right home at a better price.
Though prices in some areas of the Valley have dipped slightly or leveled off, the market remains unaffordable for many, particularly first-time buyers. Still, the current conditions present more favorable opportunities than the recent past, especially for those with the financial flexibility to navigate high interest rates. Real estate agents recommend that buyers take advantage of the calmer environment, emphasizing that sellers are more willing to negotiate on price, concessions, and repairs.
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