Have the heated bidding wars of the last two years discouraged you from searching for a home? Worry not - this year's market has been much more amenable. Both demand andhousing supply have moderated, resulting in less competition among buyers. If you've been holding off on your house search, now may be an opportune time to jump back into it!
With fewer competitors, there are wider possibilities for you! Here are two trends that may be just the news you need to make your comeback in the market.
First, sellers are more willing to negotiate. In a buyer's market like this one, sellers may be more likely to accept an offer that is less than their asking price. This could mean significant savings for you! It also means that you may have some wiggle room when it comes to additional requests, such as repairs or closing cost assistance.
Before the pandemic, it was a common practice for sellers to offer incentives such as covering some of the buyer's closing costs in order to make their deal more attractive. Unfortunately, this strategy wasn't utilized much during the past two years when buyers had an intense obsession with purchasing property.
Realtor.com has conducted a survey which revealed that 32% of sellers are now offering to pay for some or all of the buyer's closing costs, making it an attractive negotiation tool when purchasing a home. It is worth noting however, that limits on such credits will depend upon your lender and can vary from state to state in addition to loan type - so be sure work closely with your loan advisor in order to understand just how much you could benefit from this incentive where you live!
As the housing market continued to soar in recent years, potential buyers began compromising important steps of their homebuying journey such as appraisals and inspections in order to gain a competitive edge. Fortunately, this pattern is shifting now - making it essential for those entering the real estate industry or looking to purchase a property anytime soon understand best practices before diving into bidding wars.
According to the National Association of Realtors' latest data, fewer buyers are forgoing home inspections or appraisals. In addition, according to a realtor.com article, more sellers are opting in and accepting contingencies - further solidifying an already secure market!
“A year ago, sellers were calling all the shots and buyers were launching legendary bidding wars, waiving contingencies, and paying for homes in cash. But now, the shoe is on the other foot, and 92% of home sellers are accepting some buyer-friendly terms (frequently related to home inspections, financing, or appraisals), . . .”
We are not necessarily in a buyers' market, yet you now possess more influence when negotiating with the seller. The days of feeling obliged to waive contingencies or pay an amount beyond the asking price just for your offer to be considered may soon come to an end.
As the housing market begins to soften, negotiations are becoming more favorable for buyers and sellers alike. Our area is no different - if you're curious about how this shift impacts our local real estate opportunities, let's chat today!
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