The real estate market has been volatile recently, creating a situation that can appear adverse at first glance. A closer look, however, reveals a fantastic opportunity for would-be homeowners. We at Greg Doohen Realty Group are no strangers to the market's ups and downs, and the present situation is no different. A silver lining remains for people wishing to invest in a property despite the fact that rising borrowing rates and lesser inventory have reduced the buyer pool.
Due to the current state of the market, sellers are feeling a greater sense of urgency and are more open to bargaining. An astonishing 88% of the properties we've closed on this year have had some sort of buyer incentive, be it a price reduction, a rate buydown, or some other concession. The tide has turned in favor of purchasers, and this is a telling sign of the market's new equilibrium.
In addition, purchasers are in a better position to bargain for lower prices on inspection-related costs. Most renovations and fixes can be negotiated into the price. This not only helps with the bills right away, but it also increases the property's worth immediately now.
Buying now gives you the option to refinance at a lower interest rate in the future, which is a major benefit of the current market. The monthly payments can be reduced in this case, and equity can be built up if the market improves. Once the market recovers, the instant equity built up might be substantial.
It is expected that real estate values would increase as interest rates fall and more purchasers return to the market. Given this expected improvement, buying now is a prudent move. Buyers who act swiftly stand to gain from the subsequent rise in property values.
We take great pride in advising our clients on how to navigate the market in any given situation, thanks to our comprehensive knowledge of the industry as a whole. If you want to take advantage of the real estate market's present upswing, our seasoned staff is here to help you do it.
The current market conditions are more than just a window of opportunity; they represent a window of opportunity that must be missed. We welcome your inquiries and are ready to help you succeed in today's buyer-friendly market.