Friday, December 16, 2022 / by Laura Larson
More opportunities also arise when there is less competition. These two trends could give you the information you need to re-enter the market.
In order to gain an advantage in a bidding war, more purchasers during the past two years have been prepared to forego crucial aspects of the home-buying process, such as inspections and appraisals. But just a few months after the peak of the seller's market, everything changed. According to the most recent National Association of Realtors (NAR) data, fewer buyers are forgoing a home inspection or appraisal. More sellers are also accepting conditions, with so much as 92% of home sellers amenable to buyer-friendly terms such as inspections, financing, or appraisals.
According to current data, the seller's closing costs subsidy may be making a comeback. According to a poll, 32% of sellers covered all or part of the closing costs for their buyers. You might use this as a negotiating strategy while buying a house. Just keep in mind that your lender may have restrictions on closing cost credits, which might differ by state and loan type. To learn how much a seller can contribute to closing costs in your location, consult with your loan advisor.