The real estate market is shifting. High housing prices and high interest rates are deterring people from buying, which means there’s fewer people looking to purchase a home.
This means that in many parts of the country, it’s a buyer’s market. In a buyer’s market, sellers will offer incentives to help them get their homes sold. Here’s some advice from Rob’s Loans about what types of deals sellers may make to help them get their homes sold.
Making Home Updates and Repairs
Sellers are more likely to update their homes or make repairs that are needed when the real estate market is slow. As such, if you see a home that you love, but it could use a bit of work to make it perfect, don’t discount the home.
Submit an offer, asking for certain repairs or updates to be made. Or write up a low offer and explain the reason why it’s lower is that certain repairs or changes are needed. You never know what will happen.
Paying For Closing Costs
Closing costs can amount to thousands of dollars. These fees are typically paid by the buyer when closing takes place. However, when the real estate market is slow, many sellers will offer to cover the closing costs for a potential buyer.
This helps them to save money on these fees. If a seller doesn’t specifically state they will cover the costs, you can always include it in your offer and see if they accept.
Offering Pre-Paid Home Services
It’s becoming more and more common for home sellers to offer pre-paid home services to potential buyers, especially in a down real estate market. This may include things such as a home warranty, landscaping services, maid services, or an annual pre-paid contract with a heating or cooling company.
These pre-paid services can come in handy, as buying a home and moving can add up fast, so having these things already paid for by the seller can be a nice treat.
Including the Furniture
The final type of deal that sellers may make to help get their home sold includes things with the purchase of the home. This may include items such as indoor or outdoor furniture, outdoor elements, such as fountains or fire pits, unique art in the home, or appliances. This minimizes how much a seller has to move and helps a buyer save money to furnish their new home.
When the real estate market is hot, it can be a seller’s market. This is typically when you see bidding wars, multiple offer situations, or when people are offering above the asking price to buy a home.
In a buyer’s market, there are more sellers than buyers, and these sellers can negotiate incentives with homeowners in an effort to get the best deal possible when buying a home. While Rob’s Loans can’t help you negotiate the terms of your offer to a homeowner, we can help you get the loan you need to buy your dream home.