Who says the market is "cold" in the winter? The air may have a chill, but the market has remained warm and toasty with serious buyers who are anxious to snag the home of their dreams.
Without a doubt, rising mortgage rates have created a new dynamic for buyers and have "stolen the show" when we talk about the market. However, in the wake of rising rates, buyers are now in an interesting position moving forward.
Inventory is Increasing
During the worldwide pandemic, inventory of homes hit unprecedented lows as buyer demand skyrocketed. There just simply were not enough homes to meet the incredible buyer demand. But now the market has shifted and your dream home may now be easier to find.
See You Later, Bidding Wars
Buyers who attempted to buy homes in the last couple of years were caught in a bidding frenzy. Many homes received multiple offers with prices driven up by tens of thousands of dollars or more. Buyers now face less competition to buy their dream homes.
Negotiation is Back!
Buyers may now find themselves in the driver's seat during negotiations and are more likely to keep all contingencies intact to protect themselves from potential pitfalls during escrow.
The Takeaway
The challenges that buyers face today are different than those during the pandemic. The current market may appeal to buyers who were exhausted by the bidding wars. Call me today to see if the current market may actually be just what you're looking for. Now it’s more important than ever to partner with a trusted real estate professional to assist you. Check out my FAQ for Buyers and give me a call. 925.595.8047
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