Do Home Buyers Finally Have Negotiating Power?
Over the recent years did you put your home search on hold due to competitive situations and bidding over asking price becoming the norm? If that was the case for you now might be the right time for you with the housing market taking a break. Now there is lower competition which leads to purchasers gaining back some of the power.
The shift towards a less competitive market gives buyers an opportunity that wasn't there before. Below are some items that might lead you back into the market.
1. Inspections and Appraisals are Back!
Many buyers were having to give up on things like having an inspection or appraisal done to get an advantage over other buyers. Now that the market has normalized buyers are able to negotiate typical contract items that lead to a safer purchasing process.
According to recent data from the National Association of Realtors many sellers are back to accepting these once normal contract terms.
While it might not be a full tilt buyers market we are seeing sellers have some negotiating room in the East Texas real estate market. Buyers are likely to get some terms to go in their favor.
2. First Time Home Buyers Return
The recent real estate market had been almost impossible for a first time home buyers. Often sellers were looking for buyers who were paying cash, had no inspection, or had a huge down payment. Most first time homebuyers cannot accomplish those terms.
Now the market.in East Texas allows for buyers with minimal down payments to be able to get a home. Sellers are also more likely in todays market to chip in towards closing costs which was almost unheard of a few months ago.
Get in Touch
We love to help buyers accomplish their real estate goals in Tyler and the surrounding areas. Every situation is different and we would love to have a strategy session on how we can help you accomplish your real estate goals.