Brett Williford
Cell: (937) 477-3223
Cell: (937) 477-3223
November
27
27
Buyer's Discover Some Leverage In The Market...
The market has softened, but not fallen!
A few facts in the market, as I see them...
- Sellers continue to price homes for the market that was, not the market that is. So that means prices are down, you ask? Not necessarily. In the prior market with values escalating well above asking price, homes are being priced above the higher values, which may have reflected an emotional or needs-based response by the buyer. Values continue to be similar to the asking prices of the prior market, but not reaching the escalated numbers.
- The Federal Reserve raising mortgage rates had a very deferred effect on the market. The FED assumed that rising rates would slow the market immediately, which didn't occur.... so the FED kept jacking them up. Many economists say too far in light of the inflationary numbers. Regardless, buyers are now more conscientious of rate when shopping as every single point in rate hike equals approximately an 11% higher mortgage payment.
- Buyers are more critical of property condition than at any time in the past 3 years, which has driven negotiations and seller concessions. Pricing adjustments are occuring upfront during contract negotiations, often followed by repairs or monetary compensation for defects discovered during inspection.
The housing market drive the US economy, and there's rarely a bad time to buy. With good leadership, market knowledge and a firm grasp of finance options, there are still deals to be had!
Put experience to work for you and yours.
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