The housing market is shifting quickly. Spring sales were the lowest since 2009, marking a significant downturn. Now, the market has flipped to a buyer's market with 500,000 more sellers than buyers. In some areas, like Austin and Miami, buyers can expect up to 5% off the listing price and $10,000 in concessions. While mortgage rates remain high and many are still feeling the effects of the 40% price hike during the COVID housing boom, the market is now favoring buyers over sellers.
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