5 Reasons Buyers Have Strong Leverage Right Now
- Less Competition 🏆
- With fewer buyers in the market, there is a lower likelihood of getting caught in an aggressive bidding war leaving the door open for single offer negotiations.
- Sellers are willing to give back 💰
- Many sellers are advertising to “purchase” a significant portion of a buyer’s mortgage interest payment for the first 2 or 3 years in the form of a buydown. This is something you should sync with your realtor and lender team about.
- Sellers are highly motivated 💪🏼
- With the Holidays just around the corner, many sellers will consider taking their home off the market (many already have) then re-entering the market next year with high hopes of lower interest rates, which would fuel buyer demand.
- A higher % of transactions are terminating 😵
- Whether it’s cold feet from inspection or the monthly payment, we have seen an uptick in buyers terminating a transaction prior to closing (about 25% in September). Looking at homes that fell out of contract is a hit list of motivated (and likely slightly shaken) sellers who could be willing to play ball.
- Showings are down 🚷
- After two weeks on market with little activity sellers begin to feel the pressure and are more willing to have amicable discussions about the terms of an offer.
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When you’re interested in having a strategic discussion about your home ownership goals, we’ll be here to help.
