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The housing market has been dominating news headlines lately, leaving many people wondering about the current situation. There’s a lot of conflicting information out there, which can be quite unsettling. Today, we’ll shed some light on this topic and reveal the truth about our local real estate.
We’ve seen reports stating that sales were down by 24% last month, and that’s indeed true. Sales have experienced a noticeable decrease, coupled with a surge in buyer cancellations, which is concerning. There’s now a need to educate individuals about the impact of interest rates, especially when they reach 8%, and how to navigate this situation.
To succeed in this market, it’s crucial to understand that rates can be negotiated and bought down. Real estate transactions are flexible but require the right agent who knows what to ask for. Rather than solely relying on significant price cuts, which may be necessary in some cases depending on market conditions and property condition, a key aspect we’re observing in our current sales is the importance of having a show-ready property, effective marketing, and accurate pricing.
Furthermore, instead of solely aiming for low offers, it’s beneficial to negotiate with the seller for a buydown and understand how it works for a successful real estate transaction. If you’re a buyer, get ahead of the market before the rates decrease to avoid intense competition and inflated home prices due to multiple offers. Seeking a credit from the seller for a buydown can significantly facilitate a successful real estate deal and home purchase.
Creativity, experience, and effective communication are crucial factors in today’s market for successful transactions. Remember, sellers are still motivated to sell, and buyers are eager to buy. Our role is to bring these parties together for mutually beneficial outcomes where everyone wins.
If you have any questions about how you can win in today’s market, call or email us. We’re happy to help.
