Buyers and Sellers Brace for Changing Real Estate Market

Key Points:

– November saw a slight decrease in mortgage rates, making home purchases more affordable.
– Price cuts are becoming more common, giving buyers a chance to negotiate prices.
– Inventory, though still limited, is slowly increasing compared to pre-pandemic levels.
– Sellers face intense competition for attractive listings, leading to price adjustments.
– Despite easing mortgage rates, buyers are still constrained by costs.
– Inventory levels are gradually improving, with new listings down only 14% from pre-pandemic norms.
– Home values experienced mixed trends, with some areas seeing declines and others showing appreciation.
– Rents followed seasonal patterns, with a slight decrease in November.

Hot Take:

In the ever-changing real estate market, buyers and sellers are navigating a landscape of shifting mortgage rates and inventory. While affordability has improved due to lower mortgage rates and price cuts, sellers must be prepared to face fierce competition. As inventory slowly increases, buyers have more options, but they still face cost constraints. With the market in flux, it’s crucial for both buyers and sellers to stay informed and adapt their strategies accordingly.

Read full article at https://www.zillow.com/research/november-2023-market-report-33488/