In a buyers market, higher inventory and more motivated sellers shift the point at which an offer is treated as offensive. An offer that would have drawn a flat no in a seller’s market — say, 10% under asking in Austin — is often taken seriously when listings are sitting and sellers are already cutting price. The “offensive” threshold does not disappear in a buyers market; it simply moves further below asking, which is where the opportunity for investors and strategic buyers opens up.

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Congress just passed the most significant housing legislation in more than three decades. For Austin and Texas homebuyers — long squeezed by tight supply and one of the highest rates of institutional investor activity in the nation — the 21st Century ROAD to Housing Act could reshape who gets to compete for a single-family home. Here’s what’s in the bill, where it stands, and what it could mean for the local market.