Home buyers have gotten a boost in recent weeks as mortgage rates have begun to fall.
But the housing market remains tough, with sales prices high across much of the United States.
However, those who are flexible about location may be pleased to know that some cities and towns have real estate markets that have shifted in favor of the buyer.
Realtor.com has revealed the ten “easiest” real estate markets for buyers, where a combination of abundant listings and price reductions means they have more power.
“Buyers in easier markets tend to move relatively slowly as supply outstrips demand,” Realtor.com economist Hannah Jones said of the new report.
‘Many of these markets saw prices and competition rise significantly during the early days of the pandemic, but the combination of high prices and rising mortgage rates tempered demand, leading to inventory buildup.’
Lubbock, Texas is currently the easiest real estate market in the country
To compile the list, Realtor.com analyzed year-over-year changes in average list prices, the share of listings that saw price reductions, changes in the number of active listings and the average number of days on the market for the 200 largest metropolitan areas in the U.S.
The easiest housing market currently is Lubbock, Texas, the report concluded.
Texas experienced tremendous growth in home prices during and in the years immediately following the pandemic.
Homebuyers who were able to work from home looked for more room for their money compared to expensive metropolitan areas in states like California.
Others were attracted by the booming technology industry and the relatively low taxes offered by the state.
However, a slowdown in employment and population growth, preceded by a period of overbuilding, has caused both prices and rents to plummet.
“In July, there were 80 percent more homes for sale in Lubbock than the previous year, resulting in homes staying on the market more than twice as long,” Jones said.
‘In response, eager sellers have lowered prices, suggesting that buyers are in a good position to negotiate.’
The next nine easiest real estate markets are all in Florida.
Punta Gorda, Florida has seen a huge increase in property listings
Lakeland, Florida, is the third easiest market for prospective buyers.
Florida is experiencing a housing crisis driven largely by massive condominium sales
The Sunshine State has plenty of easy real estate markets for buyers because it has seen a flood of active listings since the pandemic, and even more so in the past year, according to Realtor.com.
Areas like Punta Gorda, considered the second-easiest housing market in the United States, are experiencing price corrections after becoming a boomtown during the pandemic.
Other Florida hot spots, including Lakeland, Tampa and Crestview, are also experiencing a housing crisis as residents try to sell their condos.
Condo owners are cutting prices by as much as 40 percent in an effort to avoid huge repair costs.
Some units have lost nearly half a million dollars off their asking price as safety fears trigger a sell-off in what real estate agents have described as the worst housing crisis in decades.
State legislation enacted following the 2021 collapse of the Champlain Tower South in Surfside, Miame-Dade County, which killed 98 people, means hundreds of thousands of condo owners must now shell out large sums for previously neglected maintenance.
Many could face charges greater than their mortgage payments, triggering a wave of distressed sales.
Miami real estate agent Steven Kupchan told DailyMail.com that people are flocking to Georgia, Texas, the Carolinas and even moving out of the country to places like Mexico or Central America.
“With the rise of remote work, some people who had moved to Florida for work reasons are now considering moving to states with lower costs of living or more stable real estate markets,” Kupchan said.
Many retirees and older residents are moving out, worried about rising costs of condo association fees, insurance premiums and potential assessments for repairs and maintenance, he added.
‘Some middle-class families who were already hesitant about living in a condo are choosing to move out because of perceived instability and financial uncertainty.’