Existing home sales fell to their lowest level in nearly 30 years in December of 2023, according to NAR Chief Economist Lawrence Yun. Total housing inventory at the end of December was down 11.5% from the month before, as many homeowners are reluctant to trade in their super-low mortgage rates to make a move at today’s higher rates and home prices.
However, would-be buyers in a strong economy are out there looking for their dream home, and with predictions of falling rates, the competition for well-kept homes in good areas is keen. As a trusted and experienced real estate advisor, here are six valuable tips for any prospective buyers in this market:
- Be pre-approved for a loan – Being pre-approved before you start looking makes you look as good to the seller as a cash buyer.
- Move fast – I will help you to view newly listed homes at their earliest showing – and if you like a home, don’t haggle over small issues like minor repairs or whether the sofa will stay.
- Offer aggressively – In this market, the asking price is more often the floor than the ceiling. If you love the home, and you can afford it, making an offer over the asking price can be very attractive to a seller.
- Be realistic – No matter how much you want the house, you don’t want to pay more than it’s worth. A home appraisal can help you judge its true value. That’s why it’s not a good idea to waive the appraisal altogether.
- Consider a partial appraisal waiver – In order to keep from overpaying, you can agree to pay a specified amount over the negotiated sales price if there is a gap between the asking price and the appraised value.
- Consider new construction – Many builders offer incentives like décor choices and/or in-house financing. Even if you must wait a bit until your house is completed, you avoid bidding wars and you can put your stamp on a brand-new house.
With me in your corner, you can receive the help you need to face the challenge of buying in a seller's market head on. For more valuable tips and tricks on how to buyer you very own home call me! 708-819-0909
© 2023 Coldwell Banker Realty
©2022 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.
