While the housing market has reflected extremely low inventory and high prices nationwide for several months, experts say that it could experience some relief in the coming weeks. Unfortunately, inventory will likely remain low, but prices are beginning to decrease, and the holidays should provide some relief on the number of buyers looking for homes.
During the fall, Realtor.com conducted a survey in which they found that 77% of sellers were willing to accept an offer as low as 7% below asking price on their homes. These responses were up from 54% of buyers in the spring.
Additionally, while interest rates have increased slightly, they remain low. The Federal Reserve has stated that it does not plan to increase rates significantly until the U.S. economy has reached full employment and inflation has leveled.
Danielle Hale, chief economist of Realtor.com elaborated that "through the end of the calendar year, buyers will get a break. I mean this in the sense that buyers are likely to have more time to make decisions, less competition, and a bit more negotiating power with sellers."
For more information on the current market and predictions for the future, click here.