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.
When you’re interested in having a strategic discussion about your home ownership goals, we’ll be here to help.