It is a great time to buy because buyers are finally regaining some of their negotiation power. In addition, more inventory coming to the market allows buyers to have more options.
Let's discuss regaining some of their negotiation power.
Last summer, buyers would submit an offer on a property that already had 20-25 offers on it (at least in LA). Today's market is not as competitive. This is due to inflation and rising interest rates. Shopping for a competitive interest rate is like shopping for car insurance. Believe it or not, there are some great lenders out there that are quoting interest rates in the highs 3's. Contact me and I will connect you. Once you secure a fantastic interest rate, you can start shopping. And you are hitting the market at the right time. The fourth quarter is ALWAYS best to buy real estate. This is the time of year when families start to focus on holidays and planning parties. The competition is not as fierce. So, mix that with more inventory coming to the market...you are in a great position to get a deal. Also, according to a recent article from realtor.com, 32% of sellers paid some or all of their buyer's closing costs. This is HUGE! This would have never happened in the past two years. This is an indication that sellers are starting to be more open, while buyers are regaining negotiation power back.
