Even though we’re still technically in a seller’s market, there is some good news for buyers: there is far less competition in the real estate market than there was a year ago, which means homebuyers are regaining some of their negotiation power.
Over the last couple of years, more buyers were willing to skip important steps in the home buying process, such as the appraisal or inspection, in an attempt to win a bidding war. In today’s market, however, there are fewer people waiving inspection and appraisal. 🤔
In fact, according to a survey by Realtor.com, 95% of sellers reported that buyers requested a home inspection and 67% of those sellers negotiated with buyers on repairs 🛠 based on the inspection findings.
Additionally, sellers are more willing to help buyers with closing costs in today’s market, which was a rare occurrence throughout the peak buyer frenzy in the past two years.