Rising interest rates are causing a lot of concern among buyers. However, most buyers don’t realize that historically, rates average around 6%, so this time is truly more of a normalization. Fortunately, many positive things are happening for buyers in today’s market, and I’m here to tell you about some of them:
1. Homes are staying on the market longer. As they do, sellers will be more willing to work with you.
2. Seller-paid repairs are back. In the last two or three years, a seller would’ve laughed at you if you asked for a repair. Now, these are getting more and more common.
3. Sellers are working on improvements. Now, sellers are working on fixing up their homes before they put them on the market. A nicer-looking house is easier to consider, and you won’t have to worry about fixing every little thing.
4. Buyers can negotiate more on the price. You don’t have to give up everything you possibly have just to stay competitive anymore. Now you can work on creating a deal that works for you.
5. There’s no more need to waive appraisals. As we get more realistic with sales prices, this is another way you can create a deal that’s better for you.
"There are a lot more good things happening for homebuyers in today’s market than there have been in years."
6. Now you’ll have time to think. Before, houses were swept up so quickly that you couldn’t take the time to stop and consider things. Now, you can make this big decision thoughtfully and even sleep on it.
7. Contingency contracts have returned. For example, if you still have to sell your current home before you buy a new one, you can make a contingent offer and have a chance now.
8. First-time homebuyers now have a chance. You guys have been locked out of this market for about three years. Now the market isn’t as crazy, and you have much more of an opportunity to find a great home.
9. The contract-to-closing periods are longer. This part of the deal doesn’t have to be done in just a few days anymore. Now you can take the time necessary to move and not be so stressed.
These are just a few of the many positive things happening for buyers today. Of course, rising interest rates are still a con. However, we expect that rates will stay around this same number for a while still. Just remember, there are a lot more good things happening for homebuyers in today’s market than there have been in years.
If you have questions about this or anything else related to real estate, call or email my team and me, we would be happy to help you.
