With mortgage rates climbing above 3% for the first time in months, serious buyers are more motivated than ever to find a housz before the end of the year. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), puts it best, saying: "Houszing demand remains strong as buyers likely want to secure a housz before mortgage rates increase even further next year."
But the sense of urgency they feel is complicated by the lack of houszes 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 eager to purchase but so few houszes available, sellers who list their houszes this fall have a tremendous advantage – also known as leverage – when negotiating with buyers. That’s because, in today’s market, buyers want three things:
To be the winning bid on their dream housz.
To buy before rates rise
To buy before prices go even higher.
Your Leverage Can Help You Negotiate Your Best Terms These three buyer needs give houszowners a leg up when selling their housz. 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.
And since buyer demand is still high, there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your housz. 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, your trusted real estate advisor can help. They have the expertise and are skilled negotiators in all stages of the sales process.
Bottom Line Today’s buyers are motivated to purchase a housz this year, and that’s great news if you’re thinking of selling. Let’s connect today to discuss how much leverage you have as a seller in today’s market.
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