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Slower summer housing market boosts buyer leverage and negotiating time

Redfin said high mortgage rates are dampening demand, while rising inventory is pushing more sellers to adjust prices and offer concessions.

Reported · Written up by our desk · Residential

The U.S. housing market has slowed this summer, giving buyers more time to shop and negotiate compared with the bidding wars of recent years, according to Redfin News. Redfin attributed the shift to high mortgage rates weighing on demand and rising inventory giving buyers more leverage. The outlet said that combination is forcing many sellers to price more carefully and include concessions to complete deals.

Redfin said buyer conditions are not identical across metros. Austin and Nashville were described as favoring buyers, while competition remains higher in parts of Chicago and San Diego.

Redfin also pointed to Austin’s changing market dynamics after years of rapid homebuilding and shifting migration patterns. In Chicago, Redfin said demand is softer because buyers often fall into groups less likely to purchase, but well-priced, well-marketed homes can still draw multiple offers.

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