For many, coming off the booming market during the pandemic can make buying now feel less than adequate. Without that 3% mortgage rate, many see no point in purchasing. Unfortunately, professionals have said we aren’t seeing 3% anytime soon. Regardless, there are still plenty of reasons to buy right now.
- Negotiating Power
Today, you face less competition as a buyer due to there being fewer in the current climate, and also the amount of sellers has increased dramatically. With more sellers on the market, they are going to be in competition with each other more than buyers will be. This leads to either being capable of lowering asking price or getting some of your closing costs covered.
- More Choices
The number of homes for sale has been on the rise over the last three years. More homes mean more options, which increases the chance of your next home being on the market.
- More Flexibility on Price
Many homes are still attempting to list at prices seen in the hottest point of the recent market increase. Now that the market has cooled off a bit and is returning to a more stable place, we are seeing a normal level of price cuts that was missing during the pandemic. While you may not be able to guarantee a big discount, you may find that sellers are more flexible right now as they learn the price range their home has settled on in the current market.
At the end of it all, this combination gives buyers more homes and less competition than seen in recent history. Of course, being able to take advantage of this situation is easiest when you have an expert in the market as a guide. If you are looking at your next move, please give us a call!