When the market shifts, you have to shift your strategy in order to win.
The biggest challenge that buyers faced in 2021 was the lack of inventory. So many were writing offers outrageously over the asking price and we had to get really creative in order to help them win their homes. Fast forward to today, and the biggest roadblock that we’re running into is the concern of affordability. So, how are we shifting?
1. Negotiating: Because of today’s higher interest rates, we are helping buyers negotiate on price or closing costs, depending on which is more desirable for their situation.
2. Collaborating with Lenders: Many local lenders are offering creative programs that will help lower the buyer’s interest rate for the first couple of years. This can really help make a mortgage more affordable while the buyer waits for rates to come down.
3. Collaborating with Sellers: Another thing we’ve been able to take advantage of is the fact that sellers are often willing to help buyers buy down their interest rate. So instead of having to qualify for this through the lender, sellers can allocate some money toward keeping the buyer’s interest rate down.
While these are some of our favorites, there are so many new and exciting opportunities this year for buyers to take advantage of. With all of these different options and possibilities, don’t let the market scare you, you just need to shift your strategy!
