Have Buyers Benefited from the Surge in Interest Rates?
There has been a notable easing in interest rates in recent weeks, witnessing a decline from a peak of 8% three weeks ago to the current 7.4%, marking a significant shift from the 20-year high. The elevated interest rates have contributed to a slowdown in buyer activity. However, this change has motivated sellers to agree to more concessions, such as offering credits and agreeing to necessary repairs to get their homes sold.
In our recent dealings with buyers, we have successfully negotiated closing cost credits, enabling buyers to lower their interest rates effectively. Furthermore, we have secured agreements from sellers to undertake costly repairs. This evolving landscape provides opportunities for buyers to benefit from favorable terms.
If interest rates keep dropping like some economists predict, market conditions could improve for both buyers and sellers.
Determining whether it’s a good time to buy/sell must be a personalized conversation; there’s no one simple answer. Contact us to schedule a time to discuss your situation and how we can help.