With mortgage rates climbing above 3% for the first time in
months, serious buyers are more motivated than ever to find a home before the
end of the year. Lawrence Yun, Chief Economist for the National Association of
Realtors (NAR), puts it best, saying:
“Housing demand remains strong as buyers likely want to
secure a home before mortgage rates increase even further next year.”
But the sense of urgency they feel is complicated by the
lack of homes for sale in today’s market. According to the latest Existing Home
Sales Report from NAR:
“From one year ago, the inventory of unsold homes
decreased 13%. . . .”
What Does This Mean for Sellers Today?
With buyers eager to purchase but so few homes available,
sellers who list their houses this fall have a tremendous advantage – also
known as leverage – when negotiating with buyers. That’s because, in today’s
market, buyers want three things:
·
To be the winning bid on their dream home.
·
To buy before rates rise
·
To buy before prices go even higher.
Your Leverage Can Help You Negotiate Your Best Terms
These three buyer needs give homeowners a leg up when
selling their house. You might already realize this leverage enables you to
sell at a good price, but it also means you can negotiate the best terms to
suit your needs.
And since buyer demand is still high, there’s a good chance
you’ll get offers from multiple buyers who are willing to compete for your
house. When you do, look closely at the terms of each offer to find out which
one has the best perks for you.
If you have questions about what’s best for your situation,
your trusted real estate advisor can help. They have the expertise and are
skilled negotiators in all stages of the sales process.
Bottom Line
Today’s buyers are motivated to purchase a home this year,
and that’s great news if you’re thinking of selling. Let’s connect today to
discuss how much leverage you have as a seller in today’s market.
Source: Real Estate with Keeping Current Matters
