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Cynthia Chubb
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Buyer Benefits in the Shifting Market

by Cynthia Chubb 09/02/2022

As we head into Fall, it seems the madness of the last two years may finally be behind us.  In most cases, Buyers are no longer in bidding wars paying well over the asking price and Sellers no longer have to worry about where they will move when their house sells in less than 24 hours.

For most people – maybe yourself included – this is a huge relief.

Because for the past few months, rising rates and runaway home prices have left many would-be buyers feeling beaten up and left behind.

But there are new reasons to be hopeful.

According to Fannie Mae, the rate on a 30-year fixed mortgage could fall to an average of 4.5% in 2023. Nothing is guaranteed, but the crystal ball seems to be much clearer for a buyer in today’s market.

Coupled with the fact that home prices are stabilizing in our area, we’re now entering into a more balanced market.

What does this all mean?

  1. Bidding wars will become far less common
  2. Inspections will become standard (as they should be)
  3. You’ll have more than 10 minutes to decide on whether or not you want to buy a house
  4. Sellers will be more open to concessions

Of course, for properly priced homes in desirable areas, you should expect competition but it will be nothing like we’ve seen in previous years. This is all great news.

 

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