Home sellers have lots of options when is time to sell their properties, however there is no magic formula that will guarantee in achieving the best and highest price possible for their homes. This is why I like to partner with my clients to guide them through the complexities of selling their homes. I assembled a team of true professionals with experience, dedication and strong communication skills to help ensure a successful and profitable sale of your home. 

 

Today, we'll talk about Ten Reasons Why Purchasing a Home in 2023 Could Be Better Than Ever!  

 

 

 

Reason #1 The "2/1 Buydown" Program 

Interest rates were at historic lows just a few months ago. Rates have now increased, making it very difficult for new homebuyers to proceed in purchasing their dream homes. 

Despite interest rates being substantially higher than before, there are still opportunities to buy a home today. As you know, increased interest rates translate into increased monthly payments. This is why a brand-new lending program is now available that can help you buy a home at a much lower interest rate. You can get a fixed-rate loan with a 2/1 Buydown, which lowers the current interest rate by 2% in the first year and by 1% in the second.

This program has a premium that can be paid by the seller, allowing you to buy a home with a rate of 2% LESS what others pay!

 

Reason  #2 Price Bargaining

How crucial is it for a real estate agent to negotiate? Extremely. A buyer's agent is going to help you purchase the home at a reasonable price. In the new market conditions, the negotiating angle has once again transferred to the buyers. You can make a lower offer, and they may accept it! 

 

Reason  #3 Seller-Paid Closing Costs

Some sellers are ago, being forced into accepting contracts where they will pay all the closing costs of the buyer(s)

 

Reason  #4 Home Inspection Negotiations

Did you know that a few months ago houses were being sold “AS IS” without home inspections? Not anymore!

 

Let’s have a home inspection and ask the sellers to fix & repair as needed …no questions asked!

 

Reason #5 Appraisal Contingency

Did you know that a few months ago houses were being sold without appraisal contingencies?

The bank or financial institution providing the loan requires an appraisal report to determine the actual value of the house and set the loan amount. If the appraisal of the property comes lower, you're stuck with paying the difference. Not any longer. Buying a home should always be protected by an appraisal contingency. You can now buy it with confidence and peace of mind.

 

Reason  #6 Financing Contingency

A mortgage contingency – also known as a financing contingency or a loan contingency – is a clause that allows buyers to cancel the contract of the home purchase without penalty and receive a refund of their earnest money deposit if they're unable to secure a mortgage. Of course when you are competing with 10, 15 other offers, some buyers were exposing themselves by sending an offer without a financing contingency. Guess what? -- That is not the case now! 

 

Reason  #7 Home Warranty

If you find a house you like, and the seller isn't offering a home-warranty, you can request it as a part of your offer to purchase or walk away...Sellers aren't obligated to agree, but now that the market has changed, they will most likely grant you this provision, no questions asked! 

 

Reason  #8 Relax, Take Your Time.

Just a few months ago, some savvy buyers were sending their offers as fast as the listing became active. Buyers did not have the luxury to fully consider buying the home because they were in the middle of a bidding war. Not any longer, relax, take your time to consider if that house is the one for you. No need to rush.

 

Reason  #9 “I Need To Sell Before I Can Buy”

This protects buyers who need the cash proceeds from the sale of their existing home to be able to afford a new home. With this clause, if the buyer needs to sell their current home first by the deadline indicated in the contract, but they cannot find a buyer, they can escape the real estate contract. This is called: HOUSE SALE CONTINGENCY

A few months ago, sellers would laugh at this type of offer...not anymore!

 

Reason  #10 More Inventory

Current inventory levels in our area are directly affected by rising interest rates. This allows for inventory levels to rise, meaning that you will have more choices when searching for a home in today's market.

 

To recap, 

There are more properties available for purchase, plus there is less competition than in the spring and early summer, when more buyers are looking. Therefore, there is a higher chance that you will find a great deal at the end of 2022 and the first few months of 2023, which could be the best opportunity to buy a home today. 

 

Always consult with your real estate agent about your home inspection results and the options you have inside the sales contract that you've signed. 

 

To purchase your dream home or a great foreclosure property, is about being educated, thorough and patient with the process. The most important aspect of finding the perfect home is working with a real estate agent who is highly skilled in negotiation and understanding of your expectations!  

 

For more information or assistance to help you find a home in the Las Vegas and Henderson area please call us at 702–845–8540