Homebuyers who haven't walked away from the market are finally getting something in return for their persistence: leverage. A Redfin analysis finds 62% of buyers last year paid less than asking, the highest share since 2019, with average discounts near 8%—a level not seen since 2012, reports the Wall Street Journal. Sellers are also tossing in concessions, from help with closing costs to mortgage-rate buydowns, as the market shifts away from the frenzied, seller-dominated days of 2020-2022.
The turn comes as high prices and elevated mortgage rates continue to keep many would-be buyers on the sidelines, leaving a record gap between sellers and buyers—more than a 600,000 divide in December. "It's a buyer's market," writes Redfin chief economist Daryl Fairweather in a company post. Those still shopping have more choice and more room to negotiate, particularly in parts of the South such as Florida and Texas, where construction has swelled supply. In some South Florida metros, at least 85% of buyers paid under the listing price.
However, discounts are harder to come by in places like Newark and the San Francisco Bay Area, where new building has lagged. Overall, Fairweather expects sales to pick up modestly this year as buyers and sellers move closer on what constitutes an appropriate price. His post also ticks off the markets with the biggest difference in buyers vs. sellers:
- Austin leads the way, with 7,555 buyers and 17,259 sellers, followed by Fort Lauderdale, Nashville, Miami, San Antonio, West Palm Beach, Houston, Las Vegas, Dallas, and Tampa.
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