You might be thinking who cares that buyers paid 18% interest in 1980 if you are buying now and this small increase directly affects your affordability. Fear not, there are a few silver linings.
- The market has slowed down due to higher rates, buyer fatigue, and low inventory. So while I will not call this a buyer’s market, it is not as competitive for buyers as it was over the spring and summer. And if you don’t have to compete for a property that is a small win because you will be able to incorporate more favorable terms for yourself, including a home inspection plus financing and appraisal contingencies. Most buyers waived these over the summer which can be risky and terrifying for some.
-
This may also be an opportunity to discover and consider neighborhoods that are not as hot right now. Perhaps you have been priced out of your first choice neighborhood because of these higher rates, I would love to discuss with you some other options where your money – and buying power – can go further.
While I work with many buyers and love when they find great deals and opportunities, I also work with sellers and I would advise my sellers to look at the data more granularly. While you may have to try a bit harder and wait a bit longer, your property will still sell especially if it shows well, is in a desirable location and is priced right from the start. Changing markets are sometimes difficult for sellers to catch and they can get caught in the dust, so pricing is your utmost consideration, and can be your competitive edge.
My colleagues and I share many anecdotal stories but the data is starting to back these up. You can read more here on Urban Turf and here on Washingtonian.
If you would like some data and charts specific to your neighborhood, I’m happy to provide you with that info – just ask!
And please remember whether you are buying or selling, the universe has your back!
|
