Serious buyers are more motivated than ever to find a home before the end of the year as mortgage rates climb above 3% for the first time in months. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), puts it best, saying:
“Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”
But the sense of urgency they feel is complicated by the lack of homes for sale in today’s market. According to the latest Existing Home Sales Report from NAR:
“From one year ago, the inventory of unsold homes decreased 13%. . . .”
What Does This Mean for Sellers Today?
With buyers motivated to purchase, but so few homes available, sellers who list their houses this fall have are at an advantage when negotiating with buyers. That’s because, in today’s market, buyers want to be the winning bid on their dream home before rates rise. You might already realize this leverage enables you to sell at a good price, but it also means you can negotiate the best terms to suit your needs.
Using Leverage To Negotiate Your Best Terms
With buyer demand so high, there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. When you do, look closely at the terms of each offer to find out which one has the best perks for you.
If you have questions about what’s best for your situation, turn to your trusted real estate advisor. They have the expertise and are skilled negotiators in all stages of the sales process.