By Living Room Realty, September 28, 2022
I have always been a fan of having buyers in the Fall market. Although inventory is often smaller, Fall sellers have historically been more motivated. This year is no exception, and, in fact, is the biggest change from the Spring to Fall market that I have seen. While prices have only dipped a little, a buyer’s power in a transaction has increased a lot.
Spring of 2022 was a super competitive market for buyers. It was not uncommon for a buyer to submit an offer way over asking, bring in additional funds if the house did not appraise for the sales price, and agree to limit repairs to a minimal amount in order to get their offer accepted. Most of my buyers made several offers before finally getting one accepted. It was tough to keep morale high.
Fast forward to the Fall of 2022…a buyer may be the only one to write an offer for a house. Buyers may have some luck, and sometimes a lot of luck, negotiating a favorable sales price. Buyers can have success negotiating repairs. Buyers may have the option to renegotiate terms if an appraisal comes in below the sales price. Overall, the buying process is much more enjoyable right now.
If you are thinking about buying, whether it’s your first house or not, this is a great time to buy. I’d love to meet up to discuss the current market. I am here to help and love discussing real estate over a cup of coffee!
