Detroit named top US city for homebuyers seeking better deals
Detroit, Michigan, offers homebuyers the strongest negotiating power among the 50 largest US metropolitan areas, Qazinform News Agency reports.
According to a study by Best Interest Financial, higher mortgage rates have cooled housing demand, giving buyers more room to negotiate. Homes are currently selling below their asking prices in 41 of the 50 largest US metropolitan areas.
Detroit ranked first, with 19.8% of active listings having reduced their prices. The average reduction was 6.2%, compared with 4% nationwide.
The top five US cities where buyers have the most negotiating power include Detroit, Michigan; San Antonio, Texas; Austin, Texas; Pittsburgh, Pennsylvania; and Houston, Texas.
Across the 15 most buyer-friendly markets identified in the study, housing supply averaged 4.5 months, compared with 3.7 months nationally. About 23% of active listings saw price reductions, with an average cut of 4.3%.
However, buyer-friendly conditions may not last. Price-reduction activity declined over the past year in 31 of the 50 metros analyzed, while the sale-to-list price ratio increased in 19 metros.
Earlier, Qazinform News Agency reported that a wildfire destroyed dozens of homes in Nevada, US.