Bargaining Power

Buyers (finally) have more bargaining power.  For many, many months sellers had the distinct upper-hand and commanded above-list price offers.  Bidding wars were the norm.  Buyers had virtually no negotiating power.

The numbers show that the dynamic has absolutely changed.

The ratio of the final sales price to the list price is now at 98.1%. Meaning homes are selling for roughly 2% less than list price.

From April 2020 to July 2022, the ratio was at or higher than 100%.

The peak was in April 2022 at 104.3%.

In the span of just a few months, sellers have gone from multiple, over-list price offers to expecting to come down from their list price.