Home buyers gain clout in slowing market

Home buyers have more clout now than they've had for years. So, they are more discerning, and focus only on the best houses at the best prices. If the seller won't negotiate a satisfactory deal, buyers would rather walk away than overpay.

The incidence of failed transactions appears to be rising. Last year, buyers couldn't buy fast enough. Many paid over asking price, overlooked property defects and bought "as is."

Today's buyers are cautious going into a transaction and less likely to accept full responsibility for correcting defects found on inspections.

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