KEY POINTS The average interest rate for 30-year fixed-rate mortgages decreased to 3.17% from 3.18%…
I am sure that most buyers & sellers are aware the housing inventory has been tight in most markets. It’s not that we have multiple offers on these properties, because many seller’s lack motivation & think they can “test the market” in order to make more money on their property. Unfortunately, that is not the case!
A property is only worth what a buyer is willing to pay & today’s buyer is pretty well informed! We also have to consider that the property must appraise for at least the contract price in order to be approved for a mortgage. So much like commercial real estate our homes have to make sense for the price in the eyes of the lender so they feel secure in their investment.
Here’s where negotiations come in; you have been struggling to find the right property for you & your family, you are ready to place an offer & may have to consider paying a little more in todays market with climbing interest rates because you have a lot of competition with other buyers for the same property.
Seller’s may be saying “no” to your offer knowing it is a seller’s market & their real estate agent is not asking enough questions or offering alternative solutions to A.) help them sell so they can get what they want in the time they want & B.) being open with the co broker in order to find a way to make the deal work for their mutual buyer & seller. Conversations must take place! This is not poker where winner takes all.
Human beings are emotional creatures & we do not regret what we did only what we did not do so if you find yourself in a situation of regret, go back! Say “you know I don’t think I was open enough about my needs here…do you think we could (whatever it was holding you back)”:
- keep our living room furniture
- accept your last counter offer
- agree to closing 15 days sooner
You will be surprised that all the marketing in the world will not replace the art of human conversations; asking & receiving!