Hello Buyers,
Yes the rates are up, but what does that really mean for you as the buyer. Let’s take a look at all that.
The rate increases have corrected the hyperaggressive sellers’ market that has been a product of the historically low rates the last 5 years. Scales have tipped back in the buyers’ favor, no more extra cash needed to offer way over asking price, no waiving inspections, or having to compete with 10 other offers. Even the con in this scenario can be adjusted with seller concessions and various rate buy down options available.
So what are some of the Pros and Cons for a buyer in this type of housing market?
PROS CONS
SELLER PAID CLOSING COSTS HIGHER RATES
SELLERPAID RATE BUY
SELLER PAID 2/1 RATE BUY DOWN
SELLER PAID REPAIRS
SELLER PAID IMPROVEMENTS
PRICE NEGOTIATION
PAY LESS THAN ASKING PRICE
NO NEED TO WAIVE APPRAISAL
APPRAISAL NEGOTIATION
NO NEED TO WAIVE INSPECTION
INSPECTION NEGOTIATION
TIME TO THINK
CONTINGENCY CONTRACTS
As you can see there are more pros than cons in this housing market. Give me a call so we can discuss what is right for you.
Mary Cockburn/505-639-2090/MaryCockburn.Realtor@gmail.com
