Do buyer's have more buying power today than the did months ago?
You’ve probably heard of the last few months that we’re in a sellers’ market and guess what…we’re still in a sellers’ market. You’ve likely heard stories all across the country about extreme seller offers like multiple offers, offers way over list price, and offers waiving contingencies that used to be perfectly normal.
But, now that interest rates have risen three are some differences between this sellers’ market and one market from earlier this year and today’s I’ll go over them for you.
First, we have few buyers in all price points. Rising interest rates have pushed some buyers out of the market and even the stock market has forced cash buyers to step aside.
Next, you must be priced right. You can no longer slap any price you want on it, but instead you really need to focus on what the home is going to sell for.
You’ll need to be prepared to negotiate, which means being open to negotiating the price and terms. Which means preparing your home for listing is important again. In the past few months, sellers were getting lazy on staging and getting their home ready but now you’ll be competing with more homes and buyers are getting pickier.
The bottom line is that buyers are realizing they have more power than before, but every transaction is different so please reach out to us by phone or email so we can help you in any situation that arises.