Amid the rising mortgage rates and chatter about the state of the economy, there is actually a silver lining for potential Sedona buyers. There’s no doubt that the scorching real estate market has cooled, leaving changes that may appeal to buyers. Let’s take a look at the bright side of the market!
The Inventory is Increasing
When the housing supply hit record lows during the pandemic, there just were not enough homes on the market to satisfy the demand of buyers.
That dynamic has changed!
Calculated Risk reports that inventory increased by 39.5% for the week ending October 28 as compared to the same period in 2021.
With more homes on the market, your dream home may be easier to find.
See You Later, Bidding Wars!
Many buyers who attempted to buy a home in the last couple of years found themselves in the middle of an unprecedented bidding frenzy. Many homes received up to 20 offers, with prices far exceeding the list price.
In most locations, the frenzy has softened. Most buyers are seeing less competition for a home with less need to make on-the-spot decisions.
Buyers Have Greater Control
With less competition, buyers are in a greater position to negotiate. During the pandemic, many buyers were compelled to release all contingencies to appease sellers and to make their offers more desirable. In today’s market, the percentage of buyers waiving contingencies has dropped dramatically.
If you are a buyer, this is great news! Because appraisals and inspections protect a buyer from potential financial pitfalls of appraisal gaps or costly repairs, keeping these essential contingencies in place provides peace of mind and financial security for a buyer.
Today’s market has challenges, but interestingly, they aren’t the same issues that buyers experienced during the past couple of years. If you were exhausted by multiple offers and had trouble finding the perfect home in the past, the current market may hit the mark. It’s important to partner with a trusted real estate professional to help you through the current market and help situate you for success. Give me a call now! 928-821-1138
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