Seller’s Leverage Still Exists in Today’s Market

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Although we are starting to see more houses enter the market, the demand is still much higher than the supply. This means that sellers still have the leverage. Today’s buyers are really motivated to buy a home this year before we get into 2022.

Mortgage rates are starting to climb back up with rates going past 3% so buyers are more determined than ever to buy a home while mortgage rates are still lower than normal. Mortgage rates are predicted to rise even more in the early stages of 2022 so now is definitely a good time to buy.

Sellers who have listed their homes in the past few months and now have an advantage, a leverage you might call it, over buyers in the market right now. Buyers might be desperate to get a home before prices increase even more and mortgage rates skyrocket. This means that sellers have leverage when negotiating with buyers to get the most out of the offers and deals.

Buyers want to buy before rates and prices rise even higher. But buyers also want to be the winning bid on their dream home. All of these give the seller leverage in selling their home at a good price, maybe even higher than originally planned to possibly cover other costs. Sellers also can negotiate the best terms that fits their needs.

Houses these days are getting multiple offers since the demand is much higher than the supply and often, they can result in a bidding war. If this happens and you are the seller, take the time to look at each offer you get. Do not say yes to the first offer or even the offer with the highest amount. Look at the terms of each offer and which one has the most and best perks for you.

Sellers can pick and choose which offer best fits their needs. Whether the terms have a better closing date, all cash offer, waiving fees or inspections, whatever is best, the seller can choose the offer that has the best terms.

But remember, if you are a buyer, do not push too hard past your budget. Make sure you are smart with your offer and only offer what you can afford and make happen without emptying the bank.

If you are very unsure of what is a good offer for your house and what you need to do, hire a great real estate agent to help with the sale of your home. Having a real estate agent show you the ropes and answer your questions, will go a long way when it comes to selling your home, especially in this market.