Today, December 14, the Federal Reserve announced another interest rate hike, so it may sound crazy, but home buyers that were locked out of the market for the last two years are winning. Emotionally and mathematically.
Late 2022 home buyers in Southlake, Keller, Flower Mound and surrounding areas are finding more inventory to choose from. Contingencies are back for those with a home to sell, and sellers are more willing to help with closing costs and interest rate buydowns.
Closing Costs, Points
A recent Realtor.com survey shows a third of home sellers paid some or all of a buyer's closing costs. And some sellers are willing to pay points to buy at a lower interest rate. New home builders have got some crazy good buyer incentives to offset these interest rates right now, too.
Less Cash Up Front
The pandemic frenzy often meant buyers paid above appraisal, requiring additional cash above and beyond closing and down payments. It wasn’t uncommon for buyers to bring an additional $50,000-$75,000, or more, to closing.
Contingencies are Back
Home buyers no longer skip appraisals or inspections to compete. And if you have a home to sell, you'll find sellers willing to talk.
More Home Choices
More inventory means buyers are more likely to find homes that fit their criteria, instead of having to take what they can get.
Now, I don't believe we're in a buyers’ market. But if you were forced out of the market over the last two years, you may want to consider taking another look.
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