What Opportunities Do You Have In Today's Market As A Buyer?
If you are a homebuyer in today’s market, you may have opportunities that you are unaware of. This year we have seen a shift in the real estate market, and it is proving to be more advantageous for buyers than the last four or five years. So, what does that mean for you as a buyer?
In the last two years, the market has seen a buying frenzy where there was lack of inventory, multiple offers and buyers being outbid by thousands of dollars which has been more beneficial to the seller. BUT because of the shift, today’s buyer is in a better negotiating position.
So, what are some items buyers can ask for in their purchase from a seller?
1: 2/1 Rate Buy Down is all the buzz these days.
A 2/1 buydown program is a type of financing option to reduce your interest rate for the first two years of a mortgage. That means your interest rate is reduced by 2% the first year and 1% of the second year.
2. Seller Closing Cost Credit.
Sellers can provide a credit to help buyers with their closing costs.
3. Down Payment Assistance.
There are several down payment options available today to assist buyers with their purchase, find out what you can qualify for.
4. Seller concessions for repairs.
The seller may be willing to do repairs needed from inspections or offer a credit.
5. Negotiation of price.
Sellers may be more willing to reduce their price in a slower market.
Of course, these are all negotiable items depending on the seller and local market. It is best to consult with your agent to see which options are most beneficial to your situation. An agent with a wealth of experience, at Negotiating, is likely your best bet when it comes to getting the best price and terms for your home purchase!
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2022 real estate forecast, don't hesitate to reach out - we're happy to help!