In recent weeks, there has been a notable easing in interest rates, witnessing a decline from a peak of 8% three weeks ago to the current 7.4%, marking a significant shift from the 20-year high. The elevated interest rates have contributed to a slowdown in buyer activity. However, this change has prompted motivated sellers to agree to more concessions, such as offering credits and agreeing to necessary repairs to get there homes sold.
In our recent dealings with our buyer clients we have we successfully negotiated closing cost credits for them, enabling them to effectively lower their interest rates. Furthermore, in recent transactions, we also achieved agreements from sellers to undertake costly repairs. This evolving landscape provides opportunities for buyers to benefit from favorable terms.
If interest rates keep dropping like some economists predict, market conditions could improve for both buyers and sellers.
Determining whether it’s a good time to buy/sell will need to be a personalized conversation, there’s no one simple answer. Contact us to schedule a time to discuss your situation and how we can help.
The post Have Buyers Benefited from the Surge in Interest Rates? first appeared on Portland Condos.