Negotiations are back. More buyers are asking for better deals, and more sellers are giving them. Builders are throwing in extras, too.
That’s why whether you’re buying or selling today, there are two terms you’ll hear a lot: concession and incentive.
A concession is something a seller agrees to during negotiations to get a deal done.
Student loans are back in the spotlight. And whether you've been following the headlines closely or just catching bits and pieces here and there, there's a good chance they've been on your mind lately.
And if you’re questioning whether you have to hit pause on your plans to buy a home, here's the thing you have to remember:
Having student loans doesn't automatically mean buying a home has to wait.
Saving for a down payment can feel like the hardest part of buying a home. And with affordability as tight as it’s been lately, it’s fair to wonder how anyone manages it right now. Here’s something you may not have seen coming.
Some people are getting their foot in the door with a smaller down payment.
You've probably heard that home prices are cooling off. And that's true – nationally. But zoom in on individual markets across the country, and the picture looks completely different depending on where you are.
Some areas are still seeing solid price growth. Others have gone flat. A few have actually dipped slightly negative. So, what's causing all of that variation?
Here's the simple version:
Open up a home search and you'll see them. Listings that have been on the market for two months. Three. Some longer.
Most buyers scroll right past them, assuming something’s wrong with the house. But that instinct could be costing you, since the longer a home sits, the more motivated the seller usually gets.
Remember a few years back when sellers held all the power and buyers were stuck offering way over asking or waiving inspections just to get a chance at the house? In many markets, those days are behind us.
While it’s going to vary by area, more metros are slowly shifting to favor buyers, and the market is starting to look a lot more like a two-way street again.
A lot of people who want to move are telling themselves the same thing: "Maybe I'll just wait until later this year once things calm down."
While waiting sounds like a good plan, there's something worth knowing before you decide. Rates aren’t expected to change much, so if that’s the #1 reason you’re waiting, it may not pay off. And there may be other things you miss out on in the meantime.
If affordability has been the biggest thing standing between you and a home, there's a little good news.
Asking prices have started to come down.
Whether you're dreaming about buying your first home or wondering if it’s time to move on from the one you're in, affordability is probably weighing on your mind. Home prices are still high in many markets, and even though things have improved a bit over the past year, making the numbers work can still feel like a stretch.
You started shopping with a specific mental image of your future home in your mind. Then the houses in your budget came in smaller than you pictured.
That’s the reality for a lot of buyers right now. Affordability is tight.
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