HUNTSVILLE, Ala. (WAFF) – The real estate market has been balancing, which is healthy overall, said Whitney String with Redstone Family Realty. She says this means more people, who were previously shut out, can now purchase a home. The higher interest rates have caused some buyers to sit on the sidelines, waiting for rates to fall.
Stringer said this has presented an opportunity for buyers that are in the market now. With less competition, it gives the buyers who are out there more ability to negotiate basic contingencies that weren’t always an option in the overheated market. For example, asking for appraisals and inspections. Some buyers are even getting their closing costs paid, according to Stringer.
“In addition to the ability to negotiate these things, we are seeing some get home-sale contingencies accepted, so if you need to sell your current house before you buy, now is a good time,” Stringer said.
She added that you can always refinance later.
For sellers, she says they’re still seeing multiple offers for homes that are clean and updated when they are priced competitively with professional marketing.
“I know it’s hard to make that shift from the overheated market of last year, but over-pricing your home can backfire if you’re not careful” Stringer added.
You can Redstone Family Realty’s website for more information.
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