Over the past couple of years, we have been through the wringer. House prices skyrocketed, and although interest rates were low, the real estate market was insanely competitive. This disparate dynamic between high prices and low interest rates was chaotic to say the least. Sellers had all the power, and buyers became frantic and impulsive with their purchasing.
Now, fast forward to 2023, and get ready to embrace the best buyers market we’ve seen in 4 years! Just like the feeling you get when you break free from an unhealthy relationship and enjoy the stable peace that comes from a secure attachment, today’s market reflects a loving, longterm relationship – leveled out and balanced. Sellers are more conscious in their listings which gave buyers back that control.
Please follow along with me as I share more details about today’s market and how NOW is the perfect time for you to buy your dream home.
“Sellers want you to compete but WE want you to win!”– Michelle Piccinini
As interest rates increase, the buyer’s fears are too. But we want to share the truth about buying right now and debunk any myths you may have heard. Let me share a little story with you to explain the benefits of buying right now, even with a slight increase in rates:
I’m working with an agent right now, and learned that they were able to negotiate a 6% seller credit, valued at over $18,000! This credit covered every single closing cost, and helped them buy down their interest rate to the low 5’s. THIS is what’s going on in the market. Don’t be scared of the interest rates, especially when you have the option to refinance just after 4 payments on your mortgage! When the rates go back down (which they will), buyers can refinance with ease. As an added bonus, New American Funding will cover the processing and origination fee when you come back to refinance.– Michelle Piccinini
Questions I’m asking My Clients:
Why would you not take advantage of this market where you can get costs paid for?
Instead of wasting your tax return on clothes, a car, or other wasted possessions, why not put it toward your new home, stop renting and invest in yourself?
Don’t be the person that waits. If you do, the market will inevitably evolve again, and you’ll lose all the power you have right now, and your window will close. I want to encourage you to just take the step. Do it! You’re ready. You’re watching and waiting. The market is finally turning, so take advantage. The only negative is a slightly higher interest rate, but the positive is that it’s temporary.
The tables have turned. Sellers are not in the power position, so now it’s just taking advantage of the money you receive from a seller to get a better rate and cover closing costs out of pocket. Right now, a seller wants to sell. And if you’re the only one that’s interested, they’ll do anything to keep you. Don’t let this pocket of time pass you by – the market could change overnight.
If you have any questions or want to learn how to navigate today’s market, please contact us today.