You’re wondering what opportunities you have as a buyer in today’s market? This year we have seen a shift in the real estate market and it is proving to be more advantageous for buyers than the last two years. Let’s talk about what that means for you.
In the last two years, we’ve all seen a buying frenzy where there was huge lack of inventory, multiple offers and buyers being outbid by thousands of dollars. That market was obviously more beneficial to the seller.
Because of the market shift in the second half of this year, buyers are in a better negotiating position. So what are some items you can ask for when buying a home?:
1. 2/1 Rate Buy Down is all the buzz these days. A 2/1 buy down program is a type of financing option to reduce your interest rate for the first two years of a mortgage. That means your interest rate is reduced by 2% the first yr and 1% of the second yr.
2. Seller Closing Cost credit – Sellers can provide a credit to help you with your closing costs.
3. Down Payment Assistance – There are several down payment options available today, we can find out what you can qualify for.
4. Seller concessions for repairs – Sellers may be willing to do repairs needed from inspections or offer a credit so you can do the repairs after closing.
5. Price Negotiation- sellers may be more willing to reduce their price in a slower market.
Of course these are all negotiable items depending on the seller and local market. We should look at the big picture to see which opportunities are most beneficial to your situation. Call me and let’s talk strategy!
I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.
