Potential homebuyers are wondering what will happen in the next season. The good news is that prices are lower than they were earlier this year. The median home list price in November was $416,000, which is lower than the record high of $449,000 in June, according to a recent report from Realtor.com®. However, mortgage rates are still high at 6.58% for a 30-year fixed-rate loan, which means that many buyers might still have difficulty affording a home.
The number of homes available for sale is increasing, but is that a good thing?'
The number of homes for sale increased by 46.8% in November compared to the same month last year. This means that there were 240,000 more homes for sale in November than there was last year. However, it is important to note that the number of new listings (homes that have not been on the market before) is down by 17.2%.
Many people who own homes are not selling them because they have low mortgage rates that they do not want to give up. People who want to buy homes do not have enough money, so they are not making offers. This means that there are a lot of homes for sale, and more will be for sale in the next year.
Can seller concessions balance out rate hikes?
Even though sellers might not think it is a good time to list their homes, it could be a good time for people who want to buy a home. There are more homes for sale and fewer buyers, so the buyers have more power. This means that they can wait for a lower price. In November, almost 20% of homes for sale had to reduce their prices because they could not find buyers. Even though there probably will not be a lot of buying activity at the end of the year, some people might be able to get a good deal on a home.
If you are looking to buy a home, it means that sellers will be more willing to negotiate with you. This includes things like paying for part of the buyer's closing costs or dropping the price of the home by an average of 3%. In addition, sellers are also more willing to make repairs or accept offers that are contingent on the buyer selling their current home. And perhaps most importantly, sellers no longer ask the buyer to make risky moves such as waiving the appraisal contingency.
Even though mortgage rates are increasing, some home shoppers can still buy a home. They should use their negotiating position with potential sellers to get a good deal.
The cost of buying a home has indeed risen in the past year due to higher mortgage rates, but there are still opportunities for buyers if they know what to look for. Inventory is up, which means more homes are available, and many sellers are willing to negotiate on price or other concessions if they need to move their homes quickly. Home shoppers should use their negotiating power to get a good deal and find the home of their dreams.
The current real estate market is complex, but buyers can definitely find success. With patient research and smart negotiation tactics, savvy home shoppers can still obtain a great deal on the property they want. By understanding the trends in their area and taking advantage of seller concessions, buyers can make informed decisions about when to buy and how to get the most for their money. Don't be afraid to take a risk—it may just pay off in the end!