When there are more homes for sale than there are interested buyers, active home shoppers have an advantage. Homeowners with a house to sell have to work harder in that environment than they would if supply was low and buyers were on the hunt. That means better buying conditions – and better prices. Fortunately for today’s home buyers, there are a growing number of current housing markets where that seems to be the case. In fact, according to one recent analysis, the number of markets where buyers have an advantage has more than doubled over the past year. Last year, for example, only six of the nation’s 50 largest metropolitan areas favored home buyers. This year, 15 of the top 50 cities are buyer’s markets. That still a minority but also a lot of progress. Regionally, buyer’s markets are more likely to be found in the South and Midwest, with Miami, New Orleans, Austin, Jacksonville, and Indianapolis ranking as the most buyer-friendly markets. The Northeast and Bay Area continue to be the best spots for sellers. (source)
