Pending Sales Hit a Three-Year Low. Why Buyers in San Diego and Chicago Have More Room to Negotiate

The short version: fewer buyers are signing contracts, and the ones still shopping have more leverage than they have had in years.

According to Redfin, pending home sales fell 3.5% from a week earlier during the four weeks ending September 13, reaching their lowest level in nearly three years. Redfin's read is that the buyers who remain in the market face less competition, have more homes to choose from, and hold more negotiating power.

A national number like this rarely lands the same way in every city, so here is how our team reads it for San Diego and Chicago.

For buyers, the pace has changed. For much of the past few years, a well-priced home in a desirable San Diego neighborhood could draw several offers within a weekend. A slower contract pace changes that. Buyers can ask for inspection repairs, credits toward closing costs, or a longer contingency period without being pushed aside for someone who waived everything. In Chicagoland, where buyers have tended to be more deliberate, the extra breathing room makes it easier to take a second showing and compare homes before committing.

Having that leverage is not the same as waiting forever. A slowdown in contracts does not mean prices will fall across the board, and the most desirable homes (strong locations, thoughtful updates, correct pricing) still move. Buyers who are pre-approved and clear about what they want are in the best position to act when the right home appears.

For sellers, preparation matters more than timing. When fewer buyers are writing offers, the homes that sell are the ones that look and feel ready on the first day. Pricing has to reflect current activity, not last spring's comps. Presentation matters too: professional photography, small repairs finished before listing, and a clear story about the home. Sellers who test the market with an aspirational price often end up chasing it downward, and every price cut makes the listing look a little staler.

Both of our markets have their own dynamics. Coastal San Diego inventory stays tight by national standards, and Chicago's neighborhoods can move quite differently from one another. That is why a headline figure should start the conversation, not settle it.

If you are weighing a purchase or sale this fall, our team can pull recent activity for your specific neighborhood and show you where the real leverage is. A slower market favors people who plan ahead.