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The inventory landscape further supports the notion that buyers are gaining leverage. Many listings across the country now feature price reductions, yet this hasn't necessarily translated into increased sales among first-time buyers. The trend suggests that sellers remain hesitant to lower prices enough to trigger significant movement, leaving many properties languishing.
This shift means that homeowners eager to sell are gradually becoming the price setters, more than buyers. In some cases, lack of urgency from sellers paired with high mortgage costs, property taxes, and maintenance expenses are discouraging moves altogether.