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Top Reasons Home Buyers Can Be Thankful in Today’s Market
It’s the season of giving thanks, and even in the midst of our current real estate market there are still reasons home buyers can be thankful and encouraged. Here are five positive areas of the housing market that we can be grateful for right now:
Competition is Slowing Down
The COVID-era interest rates were definitely ones for the record books. We can remember the less than 3% frenzy, and eager sellers and buyers listing and buying faster than ever before. But that also meant competition was off the charts. With interest rates now higher, fewer buyers are in the market. That means less competition for current buyers right now!
Having the pressure of making an offer immediately is a nice weight to be lifted. Now buyers can take the time to work with their expert real estate agents and lenders to truly make a realistic offer, or counteroffer, if needed. It’s nice to have the ball in the buyer’s court again.
Sellers are More Flexible
Many of today’s sellers are motivated to get their home off the market. They may be worried about rates going up, or home prices dropping. With this in mind, sellers are currently more flexible with concessions than in years past.
Today’s real estate agents are advising their buyers to go ahead and ask for some concessions if they are looking to offset costs. For example, help with closing costs, adding on certain appliances, etc., can all be concessions that a motivated seller may consider throwing in to sweeten—and finalize—the deal. It can’t hurt to ask!
A Good Selection of Inventory
Even though interest rates are around 8% and the winter months are approaching, there is still a good selection of inventory on the market right now. Home buyers can be grateful for the ability to search for their new home and not have to settle on homes that may not meet their ideal expectations. But keep in mind—good properties are still selling fast. This is why it’s so important to work with an experienced and savvy real estate agent. They know how to guide their buyers to the right listings and partner with the best Title Company to help them close the deal fast!
Offsetting the Higher Interest Rates
As real estate professionals, we hear about interest rates all the time. People want to know why they keep increasing, when it will stop and if they should wait to buy until they go back down. One thing everyone who has worked in the housing market understands is that interest rates should not hold enough power over an eager buyer to stop them from making a move. By working with a great lender and real estate agent, buyers can offset some of the increase in monthly costs from higher interest rates. There’s currently more flexibility on:
- Sales price of the home: Negotiation is definitely back on the table as competition has slowed down.
- Concessions: Sellers are much more willing to accept or offer concessions to ensure the sale of their home.
- Loan expertise: Lenders can help eager buyers come up with the best strategy to afford the home they want—whether through the type of loan, or pre-planning steps to allow for more cash down up front, etc.
- Real estate agents get it: A good agent will help their client work within their means, and still achieve the purchase of a property that meets their needs.
You Have an Awesome Title Company in Your Corner
Everyone that purchases a home needs a Title Company that knows the ins-and-outs of the current market, can streamline the closing process and will protect the purchase of their new property. At Velocity Title, we put our decades of expertise to work to meet the unique needs of our agents, lenders and home buyers and sellers. Now that’s something to be thankful for!
Here’s How Velocity Title Moves Your Business Forward
No matter how the real estate environment changes, Velocity Title supports the industry with a comprehensive line of title services that add value to each and every transaction. At Velocity Title, Our Personal Support Makes You Look Good Every Time! With a focus on the best CUSTOMER EXPERIENCE, Velocity Title incorporates leading title TECHNOLOGY and EXPERTISE into every transaction—enabling the final step in the home buying and investing process to be EASY, EFFICIENT and INFORMATIVE. For the perfect settlement experience every time, click here or contact us today!