Homebuyers may have more Negotiating Power Today in Oak Lawn Did you recently put your homebuying search on hold because of the frequency and intensity or the property bidding wars that occurred over the past 2 years? Did you know that the highly competitive housing market has cooled off this year because buyer demand has abated and housing inventory has increased? The combination of those 2 factors means that there may be less competition among homebuyers now. With less competition there is often increased opportunity. Here are a couple of trends that may provide a reason to re-enter the housing market: • Contingencies have returned – during the past couple of years, an increased number of homebuyers were willing to skip certain steps in the buying process such as home appraisals and inspections in order to gain an advantage during bidding wars. But now, we’ve seen that change and the number of prospective buyers waiving those factors have decreased. • Sellers have once again become willing to help buyers with closing costs – prior to the pandemic, sellers would sweeten the deal by helping with closing costs. This happened less over the past two years. However, current data suggests that this tactic is making a comeback. The bottom line is that this is putting negotiating power back in the hands of buyers. https://www.google.com/maps?cid=11477635944718278118