With mortgage rates above 7%, you may wonder who would buy a home right now. You may be surprised to learn that many people are.
Higher interest rates reduce competition. Some homebuyers no longer qualify with their current approach, and others have chosen to sit out and wait for rates to (maybe) come down. Meanwhile, sellers are in a tougher spot, with fewer showings and more willingness to negotiate. In many cases, the market has shifted in buyers’ favor.
This means contingencies may be accepted, sellers may be more willing to pay closing costs (or help buy down your interest rate), and you may find some wiggle room on the list price. [Read more…]
With rates sitting well above where they were a couple years ago, a lot of buyers are focused entirely on when rates might come down. But there’s a more immediate lever worth paying attention to: sellers are more willing to negotiate right now than they have been in years. Homes are sitting longer, fewer buyers are competing for each listing, and sellers know it. That shift in leverage is worth using — and how you use it matters more than most buyers realize. 
