We all have it in us whether it’s for wild game, fishing, morel hunting, or in search of a pair of new shoes! We have natural instincts on whatever the subject matter is to seek, pursue and target our objective. The rules, however, are ever changing. What may have been allowed a year ago, may have changed the following year…be it to our advantage or against. You have probably figured out that any disadvantage thrown our way, I will pursue it as an opportunity and so should you.
Last week the Fed raised interest rates…again. The word inflation, supply and demand and rising prices on cost of goods and services have been topics of conversation for quite some time now. I believe we are now entering a different season that we did not see last year. Negotiation season.
I am cautiously optimistic that the increase in rates will work to our/your advantage. For example, what was commonly experienced during one’s house hunting efforts last year included waived inspections, appraisal guarantees, cash offers above asking price and unheard-of contract deadlines in hopes of securing the deal swiftly. Unfortunately, in some cases, this ended up costing homebuyers tens of thousands in home repairs and even hazardous issues to tend to down the road.
Sellers still want last year’s pricing…but buyers are starting to successfully see price reductions in areas that they shied away from last year, allowing them to utilize their negotiation power that we did not see much in 2021. Over the coming months it is anticipated this will continue to “right the ship” and get the market back on track and to a more “balanced” state. As always, be patient and lean on your trusted advisors and experts in the industry, like our team, here at Hall Financial and our stellar network of real estate agents.
Happy Hunting…and have a great and productive day!