The Quick Read: Legally, no. Practically, a softer market makes the person at your side matter more, not less. As of September 30, 2026, supply is up and sellers are cutting, so there is real room to negotiate. Someone has to capture it, and someone has to watch the contract while rates move against you.
No law says you must hire a Realtor to buy a house. The better question is who will negotiate, read the contract and track deadlines for you. Buyers have more leverage than they have had in years. Whether you use it depends on who is across the table and how well you know the process.
I’ll walk through what the data shows, what I make of it, and what I’d do now. This is a data-only column. Every number below comes from a dated public source.
What Changed in September
The market softened on supply. It did not soften on cost. Inventory, price cuts and months of supply all moved toward buyers. Rates moved sharply the other way in the same weeks. Both facts are true, and the second one limits the first.
Start with supply. NAR’s August existing-home sales report, released September 10, 2026, showed sales down 2.0% from July to a seasonally adjusted annual pace of 3.98 million. The median price was $429,100, up 1.6% from a year earlier. Inventory stood at 1.62 million units, and supply reached 4.9 months, against 4.6 months in July and a year ago. NAR’s chief economist called that the highest in over ten years and said ample supply gives buyers better opportunities to negotiate.
Months of supply is a simple measure. It asks how long today’s listings would last at the current sales pace. More months means more choice and less urgency.
Sellers are responding. Realtor.com’s September report, published September 30, 2026, put the share of active listings with a price cut at 20.8%, the highest for a September since 2018. Active inventory rose 5.4% from a year earlier. The median list price was $419,250, down 1.4% from a year ago. Realtor.com’s chief economist said buyers are gaining leverage, but higher rates limit how much of that opportunity they can use. Inman reported on September 30 that Redfin shows price cuts at their highest September rate in its records, which start in 2022.
New construction tells the same story. Census data released September 24, 2026 put August new-home sales at 684,000, with 483,000 homes for sale, an 8.5-month supply. The median new-home price was $393,700, down 5.8% from August 2025. The monthly sales gain is inside the survey’s margin of error, so I wouldn’t call it a rebound. Inman’s September 25 report on the NAHB Housing Market Index showed 38% of builders cutting prices and 66% using incentives, the highest share since December.
Now the other side. Freddie Mac’s survey put the 30-year fixed at 7.28% for the week ending October 1, 2026, up from 7.03% the week before and 6.34% a year earlier. CNN reported that rates have risen six straight weeks, the biggest one-week jump in nearly four years. Freddie’s survey covers conventional, conforming purchase loans for borrowers with 20% down and excellent credit. It is a market gauge. It is not a quote for any one buyer. Terms vary by lender guidelines, property type, leverage, credit profile, and full file review.
The daily index runs higher. Mortgage News Daily’s index closed at 7.60% on September 30 and eased to 7.54% on October 1. The two measures use different methods, so don’t blend them into one number.
Underneath it all sits the 10-year Treasury yield, which mortgage rates tend to follow. FRED’s series shows 5.11 on September 23 and 5.26 on September 29. That is roughly 15 basis points in under a week. The Fed’s September 16 statement raised the federal funds target range to 3-3/4 to 4 percent, per the Federal Reserve Board.
Buyers are reacting. A published survey for the week ending September 25 showed applications down 6.0%, with purchase and refinance both at their slowest weekly pace since 2025. The adjustable-rate share rose to 10.3%, the highest since October 2025. Realtor.com also reported homes under contract down 4.1% from a year earlier.
Does a Softer Market Mean You Can Skip the Agent?
Not automatically. A softer market gives you room to negotiate, but it doesn’t negotiate for you. The data says leverage exists. Nothing in the sources I reviewed measures whether buyers who go without representation capture it. I won’t pretend otherwise.
Here is the honest case for skipping an agent. Sellers who cut prices want to sell. Builders offering incentives want to sell. In that setting, a buyer who knows what they want and reads a contract carefully can do well alone. Some buyers will.
Here is the case against. A price cut is not the same as a deal. Realtor.com’s list price is down 1.4% from a year ago, but NAR’s median closed price is up 1.6%. Those are different series, listings versus closings, and they point different ways. A buyer reading only the headline “prices are falling” could misjudge what a fair offer looks like on a specific house.
A buyer’s agent, in plain terms, does a few things:
- Pulls comparable sales so your offer rests on evidence.
- Negotiates price, repairs and concessions.
- Tracks contract deadlines, such as inspection and financing dates.
- Coordinates with the seller’s side when something goes sideways.
You can do each of those yourself. The question is whether you want to, and whether you can do them well on a first purchase.
One more fact belongs here. Fees are negotiable and the arrangement is more visible than it used to be. I don’t have a current, reliable source on what buyers pay agents, and I won’t guess. Ask any agent you interview to put their terms in writing before you sign.
Where Builders Change the Answer
New construction is the one place where the agent question gets more complicated. The seller’s sales staff works for the builder, not for you. That is true in any market. It matters more when incentives are everywhere.
Zonda’s market update, dated about September 21, 2026, said 63% of new-home communities offered incentives on to-be-built homes in August and 81% on quick move-in homes. Treat that as a qualitative signal. Zonda notes these are only the publicly visible incentives.
HousingWire reported on September 24 that incentives are doing much of the work in new-home sales. That tells me the negotiation is often about the package, not just the sticker price. A buyer comparing a price cut against a financing incentive needs to weigh the two side by side. That is real work, and it’s where an extra set of eyes earns its keep.
My read: if you’re buying new, the case for representation is stronger than in a resale, because the other side is a professional sales team with a script.
Why Rates Make This Harder Than It Looks
Time is the hidden cost. Supply says you can take your time. Rates say the clock is running. Both are true, and a buyer has to hold them together.
Picture a buyer who finds a home with a fresh price cut and spends three weeks deciding. If the 30-year rate moved from 6.76% to 7.28% over that stretch, as Freddie Mac’s weekly average did between September 10 and October 1, the same loan costs meaningfully more. That is a hypothetical about timing, not a quote. The point is simple: a half-point move can swallow a lot of what a price cut gave you.
Don’t confuse the Fed with your mortgage, either. Mortgage rates track the 10-year yield more closely than they track the Fed’s decisions directly. The Fed raised its target on September 16, but the 10-year was already climbing. Fox Business made the same point on October 1.
I can’t tell you where rates go next. CME FedWatch showed a 64% chance of an October hike, per CNBC on September 26. Mortgage News Daily’s index eased 6 basis points on October 1. One day isn’t a trend.
Here is what I do know about mechanics. A rate lock is an agreement that holds a quoted rate for a set period while your loan is processed. Quotes gathered on different days are not comparable, because the market moved between them. If you compare offers, gather them the same day. And if you like a rate and the house, lock it. Floating in a market that has risen six straight weeks is a bet, not a plan.
Some borrowers look at other structures. Adjustable-rate loans rose to 10.3% of MBA applications for the week ending September 25. That tells you buyers are looking for a way to carry the cost, not that an adjustable loan fits you. Our loan options page lays out how the programs we arrange work and what each one is reviewed on, and the current guidelines live there, subject to lender guidelines.
My Take
The leverage is real and the savings are not automatic. Here’s what I think, and it’s my opinion, not a finding.
First, a softer September is a better market to negotiate in than any of the last few. NAR’s supply number and the price-cut data agree on that. If you hold off on buying because rates scare you, you may leave negotiating room on the table, though you also risk waiting into a market that keeps getting more expensive to finance.
Second, representation matters most when you lack time or experience. A buyer who can read a purchase contract, track deadlines and judge a fair price can reasonably go solo in a soft market. A first-time buyer who can’t should think hard before doing so. A missed contingency date can cost you more than any agent fee.
Third, don’t read “more inventory” as “more bargains.” Fast Company, summarizing the Realtor.com data on September 30, suggested high rates “putting deals on ice” may explain part of the supply increase. Some of that inventory is stalled deals, not fresh listings. That cuts both ways. Sellers who can’t sell become more flexible. But it also means the extra supply says as much about weak demand as about abundant choice.
Honestly, this one’s close. A well-prepared buyer in a soft resale market can defensibly go it alone. A first-timer buying new construction is a different story.
Fourth, the premise that this is a good time to buy is only half right. Leverage is up. Affordability is down. Realtor.com’s own economists say affordability remains the central constraint. I’d rather you hear that from me now than discover it at the lock.
What I’d Do Now
Decide who represents you before you tour, not after you find a house you love. That is the simplest rule I can offer. Here is how I’d work through it.
1. Get your financing view first. Talk to a mortgage professional before you make offers, so you know what you can carry at today’s market levels. Compare any quotes on the same day.
2. Interview before you commit. If you hire an agent, ask for terms in writing and ask how they handle price-cut listings and builder incentives.
3. If you go solo, build a checklist. Comparable sales, inspection and financing deadlines, earnest money terms and disclosure review. Think about a real estate attorney for the contract.
4. Negotiate the package. In a market full of cuts and incentives, price is only one lever. Repairs, credits and closing terms are others.
5. Lock when you’re comfortable. If the numbers work and you’re happy with the house, don’t wait for a rate that may not come.
If you’re weighing a purchase or a refinance this fall, Lendmire can walk you through how the current programs fit your file. If you’re thinking about a rental instead of a primary home, buying a rental property instead of a house is a different calculation and worth reading before you decide.
One caution on what I don’t know. I found no fresh, sourced data this month on first-time buyers specifically, or on investors or self-employed borrowers. I won’t infer it. The numbers above describe the national market, not any one town, and no local market is typical of the whole.
For the end-to-end picture of how these loans work — qualification, structures, and the full process — see Lendmire’s complete DSCR loans guide.
Frequently Asked Questions
Is a Realtor legally required to buy a house?
No. You can make an offer, negotiate and close without one. What you give up is the work an agent does for you: comparable sales, negotiation and deadline tracking. In a softer market those tasks matter, because there is more to negotiate.
Does a softer market mean house prices are falling?
Not across the board. Realtor.com’s median list price was down 1.4% from a year ago in its September report. NAR’s median closed price for August was up 1.6%. Listings and closings are different series, and they don’t always agree.
Are mortgage rates falling with the softer market?
No. Freddie Mac’s survey put the 30-year fixed at 7.28% for the week ending October 1, 2026, up from 6.34% a year earlier. The MBA called the level the highest since November 2023. Supply softened while financing costs rose.
Should I wait for rates to come down before I buy?
I can’t predict rates, and neither can the sources. Futures priced a 64% chance of another Fed hike in October, per CNBC on September 26. Waiting may preserve leverage but costs you if rates keep rising. If a purchase fits your budget now, locking a rate you’re comfortable with is a sound mechanic.
Is buying a new build different from buying a resale?
Yes. Builders were offering incentives widely, with a majority of them using incentives in the NAHB Housing Market Index September survey. The seller’s sales team represents the builder, not you. Weigh the incentive against the price, and think about having your own representation.
About Lendmire
Lendmire — NMLS# 2371349 — is a mortgage brokerage whose founder writes this column. DSCR investor programs reach 41 markets, including Washington, D.C.; consumer programs such as bank statement, HELOC and down payment assistance loans are arranged in 16 states; every loan is placed with, and underwritten by, a wholesale lender under that lender’s guidelines. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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References
1. NAR existing-home sales report, August (released September 10, 2026)
2. Inman, price cuts (September 30, 2026)
3. Census Bureau, new residential sales (September 24, 2026)
4. Inman, new-home sales and builder survey (September 25, 2026)
5. CNN, mortgage rates (October 1, 2026)
6. Federal Reserve Board, implementation note (September 16, 2026)
7. HousingWire, builder buydowns (September 24, 2026)
This article is part of Lendmire’s Mortgage News series — every loan program’s qualification details, guidelines, and scenarios live on the loan options page.
Related reading: Why A Local Real Estate Broker Matters As Buyers Gain Leverage, September 2026? · September 2026: Buyers Need A Real Estate Agent As Supply Grows, Rates Climb · Listing Your Home For Sale This Fall As Inventory Climbs And Rates Rise
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Important disclosures. Lendmire (NMLS# 2371349) is a licensed mortgage brokerage. Lendmire is not a direct lender, depository institution, or financial advisor. All loan inquiries are subject to lender underwriting; this article does not constitute a commitment to lend. Rates, terms, and program guidelines are subject to change without notice and vary by borrower profile, property type, and state. Information in this article is general in nature and is not financial, legal, or tax advice. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.