What It’s Like to Be a Buyer in 2022
What is it like to be a buyer in the second half of 2022? It’s a good place to be for the first in a long time. The tables have finally turned.
Buyers have had a tough time trying to buy a home the past two years. It’s been more than tough. In fact, it’s been beyond anything anyone could have imagined.
But it’s over. If you’re a buyer, the real estate market has turned in your favor. Yes, really. Read on and you’ll understand.
Buyers Had No Choice Until Now
For the past two years, buyers had no choice. Sellers called the shots. If a buyer wanted the house, they did want the seller demanded. And were sellers demanding! Buyers ran around. They stood on line to get into homes within a short window of time. Offers were written fast. Buyers waived inspections – a very bad thing to do in south Florida. They bid way over asking price. They used escalation clauses. You name it, buyers did it just to get the house.
Deadlines were demanded by sellers and their agents and adhered to, if buyers wanted the house. Buyers were pitted against other buyers. Agents were pitted against other agents. It was awful. It really brought out the worst and some of the most unprofessional behavior I’ve ever seen.
If they didn’t have to buy right now, many buyers walked away. They’d had enough. You can just push people so far.
It’s Good to Be a Buyer in 2022
II’s good to be a buyer in August 2022. Times have changed and just that fast too. In the past couple of months, we have some inventory – something we have not seen for a very long time. And even better for buyers – a lot of that inventory is just sitting. When inventory sits, it’s open season for buyers to go around, look at homes and make a “normal” offer.
Who would have thought just six months ago that the real estate market would tip in the buyers’ favor? No one! But guess what? It has.
The rise in interest rates contributed to this. Not everyone uses financing – there are cash buyers out there – but the whole market in general was affected. Inflation. It was a combination of things.
I’ve seen price drops that I haven’t seen in a very long time. That should tell you something.
What Should a Buyer Do Now
If you’re a buyer who has been thinking of buying, now is the time. Get moving before they raise interest rates again. It’s summertime, there’s inventory and we’re in a lull. If you’re a buyer, go for it.
First thing a buyer should do is to find yourself a great buyer’s agent. Buyer’s agents work for you, the buyer. Let them do the work – that’s their job. They know where the best deals are. They’re in the trenches day in and day out. And they work to get you the best deal on a house, because they’re not working for the seller. They’re working for you – the buyer.
Next, get your finances in order. If you’re going to pay cash, great. If not, get yourself preapproved for a mortgage. You may have gotten preapproved six months ago, but rates were lower six months ago. So while you may still qualify for what you were looking for at that time, now you may not. You need to know. This information is vital before looking for a house.
Do you know what type of home you’re looking for, or do you need someone to help you figure it out? I often get calls that say, I’d like to be in a gated community but it doesn’t have to be 55. After talking with them for a while, they realize they want a 55+ community, or they know up front they’re looking for a home with great schools or a pet-friendly condo on the ocean. Buyer’s agents are a great help in this respect.
Bottom line is if you’ve been waiting for the market to turn, your time has come. It’s here. You can make an offer on a home you like, have a normal inspection and inspection period and just buy a home. What are you waiting for?
Please feel free to reach out to me at (561) 716-7824 so we can talk about your personal housing needs and questions you have about the housing market. We’ll also discuss how local market conditions can affect your buying and selling needs and plans. Then we can create a strategy to buy and/or sell your Valencia home.
For more information about housing in Boca Raton, Delray Beach, Boynton Beach, Highland Beach and the surrounding areas, please contact me.
I can be reached at (561) 716-7824, by text or email at Elyse@ElyseBerman.com.
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