8 Great Things Happening Today for Buyers
Lots of great things are happening for buyers in today’s market.
The real estate market has been changing a lot lately. Home prices have leveled off or even gone down because of rising interest rates. You've probably heard a lot of fear from the media and the news, so you might have a lot of doubt in your mind about buying a home right now, and that is very valid. High interest rates affect your purchasing power, but if you're a buyer, there is still some hope out there. Here are some of the pros for buyers in today’s market:
1. There are more seller-paid closing costs. Over the last few years, we haven't seen these at all, but they’re coming back. There are also rate buydowns, which is where the seller contributes money to buy down your interest rate to make your payment even lower.
2. There are 2-1 rate buydowns. This is an even better version, where the seller will contribute a certain amount of money to buy down your interest rate for the first and the second year.
3. Sellers are considering concessions and repairs. We haven't seen this in years, but now sellers are more open to concessions.
"Don’t make the mistake of just bringing money for the down payment."
4. Price negotiations are back. We've recently had clients get homes under contract for more than $50,000 under the list price, while earlier this year, houses would sell for that much over the list price.
5. Buyers don’t have to offer appraisal gap coverage or waive the appraisals anymore. You can make an offer on a home, and if it appraises low, we can negotiate with the seller and in most cases bring that price down. Again, earlier this year, that wasn't happening at all.
6. There’s more time to sit back and think. Things aren’t so fast-paced anymore, and buyers have time to think about the house and make great decisions. Now there won’t be as much buyer's remorse.
7. There’s more hope for first-time homebuyers. Now there’s room for things like down payment assistance.
8. There’s more time to close. Earlier this year, we had to make offers where we were closing in 21 days, and it had to be a quick turnaround. There was less time to think, do inspections, and go through the process. That has changed.
If you look at all these pros, you can see that you have a great opportunity to get a house that you love. If you have questions, fears, or concerns, reach out to me any time. Call or email, my team and I would love to help you.