Buyers are finally gaining the upper hand in the Phoenix housing market after years of skyrocketing prices and intense competition. Home prices in metro Phoenix remain steady, but more sellers are now cutting prices or offering concessions to attract buyers. Real estate agents note that buyers are able to take their time, negotiate for repairs, or ask sellers to help cover closing costs, a sharp reversal from the heated bidding wars that defined the market just a few years ago.
This shift is attributed to higher mortgage rates, which have tempered demand and allowed inventory to grow, giving buyers more choices. Many homes are taking longer to sell, and price reductions are becoming common. Experts predict that these trends may continue, with more balanced conditions expected throughout the summer as buyers find themselves with newfound negotiating power.
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