Rose Quint, Assistant Vice President for Survey Research with the National Association of Home Builders (NAHB), recently reported, “The number one reason long-time searchers haven’t made a home purchase is not because of their inability to find an affordably-priced home, but because they continue to get outbid by other offers.”
She further states, "It's clearly a seller's market."
A survey in the NAHB report showed that 40% of buyers have been outbid for a home they wanted to purchase.
This is more than twice the percentage in 2019, which was 19%. What does this mean for sellers today? It means sellers have tremendous leverage when negotiating with buyers.
Buyers have compelling reasons to purchase a home now, and many homeowners have challenges to address if they want to sell. Perhaps they can make a deal to satisfy each party’s needs. But how?
The seller may decide to sell their home to the buyer at today’s price, which will enable the purchaser to take advantage of current mortgage rates. In return, the buyer might lease the house back to the seller for a pre-determined length of time while the seller’s new home is being built. A true win-win negotiation. Not every buyer will agree to such a deal – but you only need one.
That’s just one example of how a seller might be able to overcome a challenge because of the leverage they have in today’s market. Maybe you feel a need to make certain repairs before selling. Perhaps you need time to get permits or approvals for certain upgrades you made to the house. Whatever the challenge, you may be able to work it out.
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