If you’ve been reading headlines lately, you might think buyers are suddenly holding all the cards in real estate. More homes are on the market, bidding wars aren’t as wild, and price reductions are popping up more often. Sounds like a buyer’s market, right? Not exactly.
What’s Really Happening
Yes, homes are taking longer to sell and buyers have more choices than they did a year or two ago. But compared to the last “true” buyer’s market, sellers still have the upper hand. Here’s why:
- Inventory is still low. Even with the increase, we’re only back to 2019 levels.
- Many sellers are in a strong position. Most have low mortgage rates, plenty of equity, and no urgent need to sell.
- Rates are keeping demand in check. If mortgage rates drop, buyer activity could surge, and available homes could disappear quickly.
The Buyer Perception Gap
When people hear “more inventory” or “price cuts,” they may picture big discounts and zero competition. In reality, well-priced homes in desirable areas are still selling, sometimes with multiple offers.
Signs the Market Has Cooled
Compared to the frenzy of 2021–2022:
- Homes are staying on the market longer
- Fewer are selling above list price
- Multiple offers are less common
- Buyers have a bit more time to decide
But this doesn’t mean it’s “easy” to buy a home; it’s just easier than it was.
Bottom Line
Think of today’s market as a recalibration, not a reversal. It’s a step back from the extreme seller’s market of the past few years, but not a full swing to the buyer’s side. If you’re thinking about making a move, it’s worth having a clear strategy and a trusted advisor to help you navigate this nuanced market.
