Here's Why Buyers Have More Power Now Than They Think. (Part 1)

A lot of prospective homebuyers are feeling helpless about their prospects of finding a good deal in the aftermath of mortgage rate hikes, a lack of available homes, and rising property prices. Doom and gloom may be dominating real estate headlines at the moment.

There is no doubt that the cost of purchasing a home has increased, but if you look closely at the data, you'll see that many purchasers may currently be in control.

Here are the key benefits to take into account if you're currently looking for a property:

Fewer people are viewing homes, giving buyers greater leverage

Less turmoil and a more methodical approach to home buying result from fewer showings.
Every home I've listed in the previous 12 months has received an offer that is more than the asking price within an hour.

 
It was really upsetting to see a house that fit your buyer's criteria; call the realtor to ask when showings would start, only to find that they had just accepted an offer. Now that there are no conflicting appointments or pending bids, you can enter and look at the house.

Average home values are decreasing, which can offset rate increases.

A rise in mortgage rates is never good news for buyers or sellers.
However, it's crucial to maintain perspective, particularly given the declining home price trend.
There are two effects of higher interest rates on the housing market.
The first benefit is that purchasers benefit since they frequently lower housing prices.

The second is that they keep some consumers out of the market, which is advantageous to those who are left. Reduced buyer competition lowers buyer risk, increases buyer options, and lowers real estate prices.

Waived contingencies are gone.

Last year, frantic purchasers were prepared to forego inspections, bank contingencies, and other requirements to secure their ideal property.

Instead of making every conceivable concession to the seller in the hopes that their offer will be accepted, we are now in a position to bargain on the buyer's behalf. No more exceeding the asking price by $100,000 or more when the pricing wasn't initially below market value.

No longer must potential buyers determine whether to submit offer minutes past the maximum 15-minute showing window, knowing that the competition for that home will grow as they wait. The power is now in the consumers' hands. 

For more home tips and inquiries, please email us at [email protected] or call us at +1 636-385-5095. You can also reach us at http:www.experience-re.com

#experiencerealestatepartners #experiencethedifference #expproud #expecttobemoved #priceimprovement #selling #buying



Post a Comment