Facts: Sellers need patience to to reach goals! Buyer's have huge opportunity NOW!
But first the numbers here in mid October:
Homes Available are over 20,000 Valley-wide. Homes under contract 7,200 and Completed Sales in last 30 days just over 6,000 which means we have over 3 months of inventory and average days on market has climbed towards 50 days. Welcome to a buyers market!
Mortgage Rates have driven the slowdown NOT a lack of demand. In fact when rates dropped just slightly for a couple of weeks in April and May we saw the buyers come out strong! However now that rates have reached a new high and many buyers are "spooked" by both the headlines of recession and the rates diminishing their purchase power.
WHICH LEADS TO HUGE OPPORTUNITY FOR BUYERS! Sounds counter intuitive but it is absolutely true. NOW many sellers (who are still enjoying huge equity gains from the last few years) are willing to consider negotiating on price because they aren't getting multiple offers immediately. They also are considering giving closing cost concessions that the buyer can use to reduce costs in a myriad of way... such as:
- Buying down the rate, paying for loan fees, HOA fees, Tilte & Escrow costs etc
Here is a great example of how those opportunities combined with no longer having bidding wars actually overcome the rates and create opportunity for LOWER payments...
If rates are holding you back we have stategies to reduce them and payments so you can take advantage of this fantastic opportunity to buy a home NOW! So if you employ the strategy above you will be at the top of the list for buyers that are in the market! By having the right expectations and a team like us serving you, it will also reduce stress in the process while reaching your goals.
MORE GREAT VIDEO ON THIS AT OUR YOUTUBE CHANNEL: THE DREW TEAM
Ready to move? Reach out & reach your real estate goals!
As always we stand ready to serve and have a special 'thank you' to all who serve our communities!