Core Insights - The housing market is experiencing a significant shift, with sellers increasingly cutting prices or offering incentives to attract buyers [2][3] - Existing-home sales have reached their lowest level since 1995, indicating a sluggish market [2][3] - Buyers are now in a stronger position to negotiate better prices due to increased inventory and easing mortgage rates [3][4] Group 1: Market Conditions - Home sellers are facing challenges, as evidenced by Doug McCormick's experience of listing his home for $1.3 million without receiving any offers after two months [1] - The National Association of REALTORS® (NAR) reported a 0.7% decline in existing-home sales last year, totaling 4.06 million, marking the lowest level since 1995 [2][3] - Homes are remaining on the market longer, leading to more frequent price cuts and giving buyers more leverage in negotiations [2] Group 2: Buyer Opportunities - Current inventory levels are the highest since May 2020, providing homebuyers with more options [3] - The average 30-year fixed mortgage rate has recently decreased to 6.50%, down from 6.56% in early September, enhancing buyers' purchasing power [3][5] - First-time homebuyers are gaining leverage in the market, allowing them to negotiate terms that fit their budgets [4]