If you’re in the market to buy a home, you’re probably wondering about current trends and how they might impact your purchase. Here are the key facts you should know before making your decision.
1. Price Reductions Are Happening
Currently, 62% of properties listed on the MLS (Multiple Listing Service) are experiencing price reductions. This means home prices are starting to level off, giving buyers more negotiating power. If you’ve been waiting for prices to stabilize, now could be the time to jump in.
2. Seller Concessions Are More Common
In today’s market, 54% of properties under contract have received seller concessions. Seller concessions can be a significant advantage for buyers, as they may cover things like closing costs, down payments, or other expenses. On average, buyers are receiving $9,897 in seller concessions, which can go a long way in making your home purchase more affordable.
3. Are Homes Selling for Less?
While price reductions are happening, homes are still selling close to their listed prices. On average, homes are selling for 98.9% of their listed price, so while there’s room for negotiation, sellers are still securing solid offers. If you’re considering making an offer, you might not need to offer significantly below the asking price.
4. How to Take Advantage of These Trends
If you’re looking for a skilled negotiator to help you navigate this market and get the best deal possible, we’re here to assist you. From understanding price trends to negotiating seller concessions, we can help you make the most of this buying opportunity.
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If you’re ready to make your move, contact us today for expert guidance through every step of the home-buying process.