“Most sellers here know the market is bad and it’s not advantageous to sell right now, but either they’re tired of waiting for things to improve, or they really have to sell because they are moving out of state. For buyers, this means there are more opportunities to negotiate on price and terms.”
Meanwhile, in the Northeast and parts of the Midwest, sellers continue to hold the advantage due to limited inventory and steady demand.
Redfin’s report showed that Rochester, NY, had just 1.1 months of supply in January, the lowest of any major metro area. Buffalo, NY, followed with 1.2 months, while Hartford, Conn., reported 1.4 months. Grand Rapids, Miss., and Worcester, Mass., each had less than 1.6 months of available inventory.
“Rochester’s seller’s market is driven by a severe shortage of homes for sale, and few homeowners have chosen to list during this year’s cold, snowy winter,” said Kimberly Hogue, a Redfin Agent in Rochester. “Home listings that are in decent shape and in sought-after neighborhoods are met with a flurry of buyers. These homes typically go quickly and for well over list price.”
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.