A buyers market to come?
Housing is still on sellers’ sides, but that doesn’t mean it’s a bad time to buy a home. In fact, according to new data, there are actually 10 cities where a buyers market might soon be on the horizon.Verify your new rate (May 26th, 2020)
Buyer -friendly cities
According to new data from Realtor.com, 10 housing markets are starting to lean in favor of buyers, with growing inventories, sluggish home price appreciation and overall slow sales.
At the top of the list is New York’s Albany-Schenectady-Troy metro area, where buyers enjoy a 6.5-month supply of homes. That’s a 31 percent uptick since last year. Sales are also down 12 percent, meaning much less competition, and the median price in the area hasn’t jumped a bit.
As Javier Vivas, Realtor.com’s director of economic research, explains, “While the overall housing market continues to favor sellers, new signs are hinting that the balance is tilting back into buyers’ favor. Among mid to large housing markets, 10 metropolitan areas in particular show trends consistent with buyer friendly conditions and continue to move in that direction.”
Other cities that are leaning toward buyers include Chicago; San Antonio, Texas; Jacksonville, Florida; Riverside-San Bernardino, California; Los Angeles; Providence, Rhode Island; Dallas-Fort Worth, Texas; Nashville, Tennessee; and Tampa, Florida.
Getting better for buyers
There are also 10 markets that are starting to “feel” more buyer-friendly, according to Realtor.com.
These include places like San Jose, California; Seattle; San Francisco; Salt Lake City; Portland, Oregon; Richmond, Virginia; and Boston.
“In these markets, the demand-supply mismatch and unsustainable price gains are causing market activity to cool relative to last year,” Vivas said. “More of the new and existing inventory being put for sale is failing to attract buyers, who now perceive them to be more overpriced than before.”
Get today’s mortgage rates
Are you thinking of getting in on one of these potential buyers markets? Then shop around and see what mortgage rates you qualify for today.Verify your new rate (May 26th, 2020)