Homebuyers Gain the Upper Hand as Active Listings Surge—With the Biggest Increases in These 3 Cities

While surging mortgage rates have diminished buying power for many this fall, the well-prepared and savvy home shoppers can still find attractive opportunities out there—if they know where to look and how to use the shifting market conditions to their advantage.September saw the growth of for-sale inventory dramatically accelerate compared to a year ago, topping 1.16 million listings, according to the latest Realtor.com® monthly housing market trends report. At the local level, three metros stand out for experiencing the steepest increases in inventory: Minneapolis, Seattle, and Buffalo, NY.Crucially, inventory gains were recorded in all four regions and in 43 of the 50 largest U.S. metros, up from 37 the month before. Additionally, homes are sitting on the market longer than last year in 27 metros. "Even with surging rates, the laws of supply still apply," explains Realtor.com senior economist Jake Krimmel. "More inventory means buyers still in the market gain more leverage."In other words, this inventory glut offers prepared buyers who have done their homework a distinct edge. With more homes to choose from and extra time to make a move, buyers gain significant negotiating power ...