The Realtor Association of York and Adams Counties has released its Market Update for November and while the numbers may not look much different than October’s there is something they may not quite yet be showing. And I want to dive into exactly that this week.
Buyers finally have some teeth in contracts again.
Yes, that sounds a little dark, maybe not what you were expecting, but it’s what we’re seeing in the field. But the most important thing is what it means for buyers. Not only are we seeing inspections requested on offers submitted to sellers and being accepted, but we’re also seeing the appraisal gap coverage, which buyers have been creatively bridging to win offers slowly start to disappear. We’re also seeing a lot of properties coming back on the market after having been under contract previously; meaning that the buyer had terminated for a various number of reasons. These reasons could include; poor inspection reports, and seller not wanting to make repairs, and maybe even a buyer’s financing falling through due to a house not appraising at the offer price and the seller and buyer being unwilling to move forward.
A few months ago if you didn’t act on a house the second it went live and put in your highest bid, with no inspections, covered an appraisal gap, and said a few hail marys it was probably a call from your agent that went something like this, “we’ll keep looking, keep your head up.” Now you may even have the opportunity to “sleep on” a property to give it some extra thought before deciding whether or not you are going to write an offer.
This extra time to “sleep on it” will allow buyers to ensure they are not being impulsive. Explore and weigh their pros and cons. Also allows buyers to make better financial choices. When buyers had to think like there were no other options and this was it and they had to act right now, they had to make impulse decisions, pull strings, and maybe even spend more than they were comfortable with.
Buyers have an opportunity to look at their wishlist again and tour homes that meet just that. Inspect homes and feel safe with the results. Work with their lenders to feel financial peace with one of the largest financial investments of their lives. And plant their roots somewhere they hope to call “home sweet home”.
If you are a buyer that has been waiting for your opportunity, your time is now. We should get your search off on the right foot by getting you as prepared as possible. Preparedness includes making sure you understand your buying power. Let’s connect and start your home search today.
Stay tuned, over the next few weeks we will be releasing a first-ever first-time homebuyers series. Hope you’ll check it out!
