Pros and Cons of Buying a Home in Today's Market
Posted by Blog Admin on Wednesday, October 26th, 2022 at 12:31pm.
If you've been thinking of buying a home, what's holding you back? An easy way to start the process is a simple pros and cons list, and Peggy Slappey Properties has the expert input to help you sort the good from the bad.
Home Buying in Today's Market
The Metro Atlanta real estate market remains robust. We've seen prices stabilize, sellers get more competitive, and buyers have greater negotiating power. The changing market has brought tons of advantages to buyers that they've not seen in several years.
- As a buyer, your negotiating power is suddenly far greater. Ask for seller-paid closing costs and a seller-paid interest rate buy-down, both of which can save you thousands.
- Today's market allows you to negotiate price, bringing the contract price under list price. No more paying over list price just to win the bidding war!
- You now have time to complete home inspections and discuss seller-paid repairs if needed.
- If you have a home to sell, contingency contracts will no longer put you at the bottom of the offer list; sellers understand that qualified buyers and multiple offers are no longer guaranteed.
- There is greater freedom to choose a closing date and time that work for you, first.
- Best of all, buyers now have time to think, be choosy, and make considered decisions. They can spend time in the area, check out the neighborhood, and avoid feeling rushed in the decision-making process.
- Buying remains a better way to build wealth than renting. Remember, if you're renting, you're still paying a mortgage, but it's building wealth for your landlord instead of for yourself.
- If you're entering the market now, the biggest obstacle you may face is higher interest rates. For this, it's important to have an historical view. While rates are higher now than they have been in recent years, they are still significantly lower than the all-time highs of the 1980's. Interest rates will come down again, at which time you can refinance to take advantage of those savings. In the meantime, you're building equity and investing in your own future.
Start Your Home Search Today
The pros and cons list seems to speak for itself. If you can overcome the hurdle of higher interest rates - perhaps by taking advantage of FHA, VA, or USDA financing options - it remains an incredible time to buy in the Metro Atlanta area. Buyers today have great negotiating power, time to make decisions, and the opportunity to find outstanding homes at competitive prices. If you're looking to buy, call Peggy Slappey Properties at 770-271-5555 to connect with a local agent or visit www.psponline.com to view current listings and start your home search today.
Peggy Slappey Properties, Inc. is a Metro Atlanta real estate brokerage celebrating 40 years of experience in real estate sales and marketing. From new home construction to resales and so much more, we are a trusted market leader. To see our current listings, visit www.psponline.com and call us for expert advice at 770-271-5555. Keep up to date with the latest PSP events and offers by checking in on Facebook at https://www.facebook.com/peggyslappeyproperties and on Twitter at https://twitter.com/psponline.