TLDR
In a recent article, it was reported that the housing market in major US cities is experiencing a shift towards a buyer’s market. This trend has been attributed to an increase in housing inventory and slowing sales. Additionally, experts believe that rising interest rates are also contributing to this shift.
- Housing market in major US cities shifting towards a buyer’s market
- Increase in housing inventory and slowing sales contributing to the trend
The article discusses how several major cities, including New York, Los Angeles, and Chicago, are experiencing an increase in the number of homes available for sale. This increase in inventory is leading to decreased competition among buyers and giving them more bargaining power in negotiations.
Furthermore, the article highlights how the slowing sales in these markets are causing homes to sit on the market for longer periods of time. This has prompted sellers to lower their prices in order to attract buyers, further bolstering the buyer’s market trend.
Experts quoted in the article point to rising interest rates as a key factor in the shift towards a buyer’s market. With mortgage rates on the rise, buyers are becoming more hesitant to make large purchases, leading to a slowdown in the housing market.
Overall, the article indicates that the current conditions in major US cities are favorable for potential home buyers. With increased inventory, lower prices, and more bargaining power, now may be a good time for individuals looking to purchase a home in these markets.
