By Lily Ray Wyss, November 27, 2023
Current real estate market conditions have made home affordability tough.
But with it always being my goal to provide well-rounded information about current real estate conditions so you can make empowered decisions, let’s talk about the opportunities in today’s market.
Home prices are generally lower:
Just yesterday I got a first-time home buyer under contract on a townhome. Looking at comparable properties, back in May a home with the exact same specs in the same community sold for over 30k more.
Oh, and we also got the buyer a closing credit paid by the seller to temporarily lower his interest rate.
Speaking of which…
Seller-paid closing credits:
On the majority of transactions I have helped buyers with this year, we have been successful in negotiating a large credit paid by the seller to cover a portion of the buyer’s closing costs and or temporarily buy down the buyer’s interest rate.
Contractor response time:
Right now booking inspections and contractor appointments in a timely manner has been highly dependable. With the market being generally slower, inspectors and other contractors have way better availability than super hot markets. This week we got two sets of buyers under contract and I was able to get their inspections scheduled for the next day in both cases.
This might seem like a small benefit, but getting to know the condition of the home you are buying the next day vs waiting a week is a huge stress reliever and allows us more time for fact-finding and negotiating.
Better negotiating power:
With homes sitting on the market for longer periods of time it’s made home sellers more willing to negotiate with home buyers on things like contract terms and repair needs.
You can hold on to your contingencies: In past real estate markets when things got super competitive for home buyers they became pressured to give up certain contingencies in order to win the home.
Look the best time for you to buy a home is when you are ready.
But if you are waiting to buy until interest rates drop, just know that so are 66% of other home buyers according to a US News Survey. So it could be worth us having a conversation about the opportunities in today’s market.
Either way, I am here for you. If you would like to discuss what it would look like to buy a home this winter or in 2024 I am here for you.
Lily Ray Wyss
Broker | OR
She/Her
I love Portland. This city, and its surrounding areas, in my opinion, are the perfect place to call home. We have the amazing ability to put our toes in the ocean, snowboard, and visit some of the world's best breweries all in one day. Our food scene is extremely diverse and prolific. Want to see a show? Comedy, music, theater, etc all have growing, well-supported scenes here. I love selling homes in Portland and more importantly educating my clients and community on how amazing this city is and how you can own a piece of this beautiful state and call it home.
Follow me on Instagram to see my new finds and spotlights on the best places to eat, play, and be entertained in the area. And for information on buying/selling and current home market data. Follow at: @lilyrayresidential
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- T: 971-361-6114
- lily@lilyrayres.com
