There's essentially already people ready to buy homes and potentially more will be ready with savings next year. So if prices come down even slightly, assuming rates stay the same, could we be in for a seller's market?

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Did we ever leave a sellers market?

likesmart

In some markets yes, but overall nationally it doesn’t seem like it

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The issue this whole time has been that inventory is very low. It will continue to keep prices high until more inventory is built.

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“So if prices come down…”

That won’t happen in most markets. As soon as interest rates come down, the buyers are ready to pounce. This will keep prices high. Most major metropolitan markets have remained sellers markets for turnkey homes, and many are still seeing closed prices over asking.

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Rates are already down. Sitting new construction builders are giving away houses sub 5% fixed 30.

They are eating their foot with their lender partners to get out from under stale inventory that’s costing them $$$ in carry costs each month it doesn’t sell.

I’m one of those people who will start looking to buy in the next 6 months. I miss my old sub 4% ir.

I think inventory is the issue. Not enough people willing to sell if the price and rate isn’t right.

Heavily dependent on what markets we're talking about.

NYC is a buyer's market.

Tbh NYC homes will always have high prices for their homes. But property tax is quite affordable in NYC compared to other parts of the tri-state area.

For example, Great Neck homes can be cheaper than NYC homes, but they pay more in property tax. Same can be said of NJ homes.

Also here's a blurb from a NYC realtor: "for buyers, the surge in mortgage rates has led to a softening in the housing market, potentially resulting in more affordable property prices. In addition, with fewer buyers in the market due to higher interest rates, buyers face less competition which means they are less likely to overpay."

My family has literally experienced this where we are literally paying below the asking price and the seller accepting it.

So it's a buyer's market. Family owns 3 multifamily properties in NYC so we have a little experience with real estate here.

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