Homebuyers are regaining leverage in the Phoenix housing market as high mortgage rates and elevated home prices deter potential buyers, leading to a notable slowdown in sales. According to real estate analysts, the number of home listings in the metro Phoenix area has increased significantly while the rate of home sales has decreased, putting pressure on sellers to lower prices and offer more concessions. This shift marks a reversal from the fiercely competitive market of recent years that favored sellers.
Experts say homebuyers now have more time to make purchasing decisions and greater room to negotiate, especially in suburban areas. While overall prices remain above pre-pandemic levels, sellers who hope to close deals quickly are becoming more willing to budge, offering perks such as rate buydowns and closing cost credits. This evolving dynamic presents a rare opportunity for buyers who were previously sidelined by bidding wars and soaring prices.
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