If you were in the housing marketing as a buyer in the last couple of years you probably offered up everything from the kitchen sink to your first born to get a chance to purchase a home. Many buyers were not that fortunate.
The sellers were calling all the shots, buyers had no say in the matter. Buyers were throwing as much cash as they could at sellers to secure a home.
Now you can make an offer without including the kitchen sink. I tell you the times are a changing! Buyers once again can hang their heads high, dust off their negotiation skills and dive back into the housing market. That is if you can afford the payment. (Interest rates are still relatively low)
The housing market pendulum is swinging back to a housing balance. No more making five, six, seven offers before you get one accepted. You may even be able to dare I say negotiate on price. Hallelujah!
Ok, that’s a little much, but you get the idea. Just a short time ago buyers were at the mercy of whatever sellers were asking. Post procession for six months, blood sample, contingency for selling your home, cutting the grass of the seller’s future home for the next ten years.
The market slowdown is giving buyers an opportunity to negotiate with sellers whose homes have been on the market for a while. There are still fewer homes on the market but because of the raise in mortgage rates some homes are sitting for a bit. This leaves some buyers in a position to hammer out a good deal.
So, if you are a buyer, pick your self up, dust your self off, call your realtor, and get back in there. Be careful, you might need to do some shadow negotiation rounds to prepare.
By R. Jones
