Sellers Are Blinking: 38 of 50 Major Cities See Below-Ask Deals
Buyers are gaining leverage in most big U.S. cities as mortgage rates force sellers to accept less than asking price.
The housing market is shifting — and if you've got the cash flow to play, this is your window. Sellers in 38 of the 50 largest U.S. cities are taking offers below asking price, a clear signal that the era of waived contingencies and desperate overbidding is fading fast.
Higher mortgage rates are doing the heavy lifting here. When monthly payments balloon, buyer pools shrink. Fewer competing offers mean sellers lose pricing power. That's basic supply-and-demand, and right now it's working in the buyer's favor for the first time in years.
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The catch? "If you can afford one" is doing a lot of work in that headline. Rates are still elevated, and even a below-ask deal on a $500,000 home doesn't feel like a bargain when you're locking in a 7%-plus mortgage. The discount helps, but affordability remains the central problem crushing this market.
Still, for buyers who are financially positioned — solid down payment, stable income, long time horizon — this data is actionable. Negotiating room exists in most major metros right now. Inspect hard, lowball confidently, and don't apologize for asking for concessions. Sellers need you more than they did two years ago.
The macro picture hasn't resolved itself, but the micro opportunity is real for those who can execute. Continue reading at CNBC.
