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The Bright(er) Side of Being a Buyer

Amid the rising mortgage rates and chatter about the state of the economy, there is actually good news for potential buyers. There’s no doubt that the scorching real estate market has cooled, leaving changes that may appeal to buyers. Let’s take a look at the bright side of the market!

The Inventory is Increasing

During the worldwide pandemic, the housing supply hit record lows while buyer demand soared. There just weren’t enough homes to meet buyer demand. Things have now changed! Calculated Risk advises that inventory increased by 39.5% for the week ending October 28 as compared to the same week in 2021. Your dream home may now be easier to find!

Bye-Bye Bidding Wars

If you tried to buy a house in the last couple of years, you are likely familiar with the bidding frenzy and perhaps you were even outbid a few times. With bidding wars easing, you’ll see less competition as homes receive fewer offers.

Buyers Have Negotiation Power

As competition eases, many buyers will find themselves with more negotiating power. In the past, many buyers bought home and released contingencies to appease Sellers and to give their offer extra clout. Today, the percentage of buyers waiving contingencies has dropped significantly.

This is great news for a buyer! Appraisals and inspections protect a buyer from the potential financial pitfalls of appraisal gaps or costly repairs.

The Takeaway

Buyers still face challenges in today’s market, but they aren’t the same ones that buyers faced during the past couple of years. If you faced multiple offers and were outbid or had trouble finding the perfect home in the past, the current market may be just what you’ve been waiting for. The most important thing you can do is partner with a trusted real estate professional to help you through the process. Check out my website resources for buyers. Give me a call today! 707.591.5309


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