Seize the Moment and Leverage Your Position to Secure a Home Today

If the past couple of years' bidding wars have kept you on the sidelines when it comes to house hunting, then now's your chance! Demand and housing supply have both mellowed out this year, meaning there is less competition among buyers. So why wait any longer? Seize this moment - jump back in and search for a home today!

Good news! With fewer competitors in the market, you have unprecedented possibilities to make a triumphant return. Here are two trends that could be just what you need for success.

Sellers are increasingly open to assisting buyers in covering the costs of closing.

In a buyer's market, potential buyers may be in the position to negotiate an offer that is beneath the asking price. This can translate into major financial savings for you! Additionally, as sellers already appear ready to compromise and collaborate with you, there stands a great opportunity of them approving additional requests like repair costs or closing cost assistance.

Before the pandemic, sellers often sought to draw in buyers by covering some of their closing expenses. Unfortunately, this tactic was rarely used during the last two years as people became intensely focused on buying property with no incentives needed.

According to Realtor.com's recent survey, 32% of sellers are now offering to cover some or all of the buyer’s closing costs - making this an extremely advantageous tool for those looking into purchasing a home. It is important that you keep in mind however, that limits on such credits may vary from state to state and by loan type as well; thus it would be wise to collaborate closely with your loan advisor so you can understand precisely how much benefit could be gained from this incentive where you live!

The Resurgence of Contingencies: A New Way Forward.

The highly competitive housing market of recent years saw potential buyers neglecting critical steps such as appraisals and inspections in a rush to gain an edge. Thankfully, this trend is reversing - meaning it's essential for those about to dip into the real estate industry or purchase property are aware of the best practices when entering bidding wars.

A recent survey conducted by the National Association of Realtors revealed that a greater number of buyers are engaging in home inspections and appraisals for their purchases. Furthermore, as reported by realtor.com, more sellers are agreeing to contingencies - further reinforcing an already solid 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), . . .”

You now hold the upper hand when engaging in transactions with sellers as we are no longer in a buyers' market. You won't have to feel pressured into removing contingencies or paying more than what's asked for just so your offer can be accepted - those days may soon come to an end!

Bottom Line

With the housing market softening, both buyers and sellers are beginning to feel increasingly confident in negotiating. Here in our area, we're no exception - if you'd like to learn more about how this shift has revitalized real estate opportunities here at home, let's talk now!