Recent interest rate hikes have prevented the bidding wars that had been commonplace over the past couple of years. That’s giving home buyers are room to negotiate, says Kirsten, a real estate agent with DouglasElliman in New York.
“We’re definitely seeing fewer bidding wars, but there are still solid multiple offers on the right kind of properties,” Marr said. Housing is still in short supply in certain urban markets such as Miami.
A slight dip in rates has produced more buyers. “We have seen, anecdotally, in New York City definitely a little rise in activity, just with the news of the rates leveling off,” Marr added. There is still really solid, healthy demand for housing. We’re urging sellers this is no longer the super aspirational market it was even four to six months ago. … You should be ready to do all the fixing to get your place ready to sell and be realistic about pricing so that you can actually sell.”
Home purchase deals are falling through at levels unseen since the dawn of the Covid epidemic. More and more, buyers are using appraisal and inspection contingencies to back out of deals they’re unsure of.
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