- “With Mortgage Rates Soaring, the Housing Market Takes Another Hit”*
- “Boise, Las Vegas, and Phoenix look like housing busts—this interactive map shows the shift in your local housing market”**
- “U.S. will turn into a buyers’ housing market in 2023, most experts say. Here’s where you’ll see the biggest declines.”***
The Upside of a Shifting Real Estate Market for Home Buyers and Home Sellers
Upside for Home Buyers:
Compared to last year, Buyers have much better negotiation leverage although they are facing higher mortgage interest rates. A home buyer in October is more likely to be able to request a seller credit, get repairs made, offer under list price, and keep their cancellation rights in place. There is opportunity for a buyer who is ready to make the move. If that is you, then call (626) 609-2130 today! You can meet with one of our REALTORS for a buyer consultation. Whether you have bought several times or this is your first home, let’s connect.
Upside for Home Sellers:
If you are selling and buying (in or out of state), you will have a much easier time this year negotiating your sale being contingent on your closing on your replacement property. Instead of moving twice or renting back your house from the new buyer (more common in 2021), you can close escrow on your sale and purchase simultaneously. During the past couple years, home buyers were waiving their cancellation rights, but that didn’t mean that cancellations didn’t happen. Buyers still cancelled last year — our theory was that some of the urgency and hectic deadlines for submitting offers made home buyers get wet feet once they were in escrow. A home buyer today is most likely serious and because the home buyer has more time to make the decision to write up an offer after seeing the property, the buyer feels like they are not as pressured into the decision.