{"id":39825,"date":"2025-07-24T00:21:45","date_gmt":"2025-07-24T00:21:45","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/what-the-latest-downturn-in-the-housing-market-means-for-buyers\/"},"modified":"2025-07-24T00:21:45","modified_gmt":"2025-07-24T00:21:45","slug":"what-the-latest-downturn-in-the-housing-market-means-for-buyers","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/what-the-latest-downturn-in-the-housing-market-means-for-buyers\/","title":{"rendered":"What the latest downturn in the housing market means for buyers"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>Stacy Esser, realtor and founder of the Stacy Esser Group in Tenafly, New Jersey, says it&#8217;s still a <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/more-real-estate-investors-buying-homes-housing-market\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">seller&#8217;s market<\/a><\/span>, but believes a small shift that favors homebuyers is coming. <\/p>\n<p>&#8220;Maybe a house was taking one week to sell, and now we&#8217;re kind of hovering at three weeks,&#8221; Esser told CBS News. <\/p>\n<p>Part of the shift, Esser says, will be driven by more houses coming on the market. In May, there were 34% more sellers than buyers nationally, according to the real estate company Redfin. That is the highest rate since Redfin started gathering data in 2013. <\/p>\n<p>But this is still considered a seller&#8217;s market because even though inventory is rising, so are prices, Esser says. That is partly driven by homeowners who locked in lower interest rates have little incentive to sell. <\/p>\n<p>In June, the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/us-median-home-sale-record-price-almost-400000-redfin\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">median U.S. sale price<\/a><\/span> for a home hit a record high of $396,000, according to Redfin. <\/p>\n<p>&#8220;Anything that&#8217;s updated and new and turnkey are seeing the biggest increases,&#8221; Esser said. &#8220;And anything that&#8217;s in that entry-level price point, whatever your entry-level price point is in your market, is also seeing the biggest increases.&#8221;<\/p>\n<p>Location plays a major role. Austin, Texas; Phoenix, Arizona, and most markets in Florida are better for buyers because there&#8217;s more inventory, Redfin&#8217;s data found, while Newark, New Jersey; Long Island, New York, and suburban Philadelphia favor sellers because there&#8217;s less inventory.\u00a0<\/p>\n<p>Sirvan Aisvik and her husband own a salon in Tenafly and say they&#8217;ve been looking for their first home for more than two years. <\/p>\n<p>&#8220;Last week, I just&#8230;offered on one house, and then they couldn&#8217;t accept my offer because they said that 19 people offered [on] that house,&#8221; Aisvik said. &#8220;When I heard, like, 19 people, I couldn&#8217;t believe it.&#8221;<\/p>\n<p>To improve your chances of home ownership, put an offer on a home that&#8217;s been sitting on the market, experts say. The owner might be more willing to negotiate. Another tip is to look into programs for first-time homebuyers. <\/p>\n<p>&#8220;Go look for the ugliest house in the best neighborhood,&#8221; Esser said. &#8220;Go buy that house and see beyond what other people can&#8217;t see.&#8221;<\/p>\n<p>Aisvik said a house for their two girls would be the American dream, but the rejection is frustrating.<\/p>\n<p>&#8220;It is, like, not just for me, my whole family, they get disappointed,&#8221; Aisvik said. <\/p>\n<p>&#8220;I see her trying all the time, and it&#8217;s like, she&#8217;s so excited,&#8221; Aisvik&#8217;s 19-year-old daughter said of her mother. &#8220;She&#8217;s, like, &#8216;We&#8217;re going to put in this offer, and hopefully we&#8217;ll have the highest one, so we get it.&#8217; It&#8217;s hard seeing her in that state, because I see how hard she&#8217;s trying.&#8221;\u00a0<\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n        <\/aside>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/kelly-ogrady\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Kelly  O&#8217;Grady<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Kelly O&#8217;Grady is a CBS News MoneyWatch correspondent.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/what-latest-downturn-housing-market-means-buyers\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stacy Esser, realtor and founder of the Stacy Esser Group in Tenafly, New Jersey, says it&#8217;s still a seller&#8217;s market,<\/p>\n","protected":false},"author":1,"featured_media":39826,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[4410,7314],"class_list":["post-39825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-home-prices","tag-home-sales"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What the latest downturn in the housing market means for buyers - World News<\/title>\n<meta name=\"description\" content=\"In June, the median 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