Are Home Buyers Finally Getting Their Chance to Negotiate?

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Filed under: Market Comentary

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We’ve been talking about the real estate market a lot lately, and we are seeing the market shift quite a bit right now. There is significantly more inventory in areas, which is giving the opportunity for buyers. Finally!

Is It Finally a Buyer’s Market?

We always have back-and-forth trends regarding whether it’s a buyer’s market or seller’s market. The most recent information that I am seeing in our market is that we are at equilibrium, and probably about to flip over into a buyer’s market – which would be a big change.

This trend comes at a good time since interest rates are coming down. Just a few months ago, we hit a cycle high with interest rates in the mid-6’s in a lot of programs. We are seeing these numbers come down by at least a point (or even more).

Now, we are seeing a bit of an opportunity for buyers to get into the market. The tables are turning a little bit!

Remember: Real Estate is a Long-Term Game

As I always say: real estate is a long-term game. No, I don’t know what to expect will happen with housing prices in the next 6 – 12 months. I can only guess as much as anyone else because we can’t predict the future.

But our current situation is looking more favorable for buyers because rates are down, you finally have room to negotiate on the deal, and there are more houses to choose from in the industry. Now might be a good time to take a look if you are considering buying a home.

But I always stand behind my opinion that you need to be in it for the long haul, because there could definitely be some volatility coming up. But if you get a fixed 30-year mortgage or a long-term ARM against your house and are willing to ride it for an amount of time, then everything will be fine in the long run.

Need Help Running the Numbers?

If you need help, then reach out any time. We can run numbers and see what it looks like long-term for your unique financial situation. Any fixed rate mortgage is a hedge against any inflation that might happen in the future. Contact me for more information, I’m always here to help!

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