I know many Buyers who are discouraged about the real estate market right now. The high interest rates plus the changes to the Buyer's agent commission have caused them to remain on the buying sidelines. However, the current market offers a unique opportunity for some Buyers to get into a good home and get a great deal in the process, and here's why.
State Of The Market
The time of the year when kids return to school is usually a slower period for home sales. Add to that the political unrest of it being an election year, plus the changes we already stated, and you get a shift in the market, one that favors the Buyers.
But most Buyers are waiting for the promised interest rate cuts to hit, plain and simple. Are you one of them?
While it may seem like a smart idea, it's causing Sellers to sit on their listings longer and forcing them to cut their listing prices to attract the few buyers out there, which is the main reason to jump in and snag a deal while you can.
Our team has even experienced a few of our Sellers' listings sit longer than normal. The same goes for our Buyers; we have been able to successfully write offers and have them accepted for under the asking price for the first time in years.
My Advice On "What To Do Now"
So, is now a good time to buy or would it be wise to wait to see what happens to the interest rates?
I believe now is a good time to buy. If we see a reduction in interest rates soon, we could see a plethora of Buyers re-enter the market which would drive home prices back up.
The opportunities to get a house at or under the asking price are out there!
Overall, we are telling our Buyers to look for a home now and try to get a deal with a lending institution that permits them to reduce their interest rate before closing, if they due indeed drop.
As they often say in our industry, "Marry the house and date the rate"; you can always refinance later if the rates go down.
Buyer's Agent Commission Update
Is the recent change impacting the ability for Buyers to buy a home?
So far my answer is no, and moving forward, I do not think that will change. Most Sellers are still willing to offer the Buyer’s agent a commission. Plus, the Buyers can choose to only work with a Seller who will pay their agent a commission.
The most important thing to remember is that Buyers now need to have a signed agreement with an agent before they can see a home. That agreement can be for a day or an extended period, doesn't matter.
Our commission is usually paid by the sellers but there are times when the price of the home is low enough to compensate for our commission and still get our buyers a fair deal on the property.
Let Our Team Of Realtors Help
Now more than ever is a good time to work with an experienced real estate agent, especially one who understands the Northeast Ohio market particularly well.
The Amy Team of Realtors in Aurora has just that. Not only is our team growing because of our success this year, but new agents are joining us because of our expertise and the added value that we offer our customers.
One such value is a program we offer called the Elite Buyers Club, which provides Buyers with a wide range of services when they to choose to work exclusively with our team.
If you are thinking about buying a new home or just have some general questions about what you should do, please don't hesitate to give me a call @ (330) 562-4409 or send us a message via our Contact Us page.