The housing power dynamic has tipped slightly back to favor sellers after the banking turmoil led to a sudden dip in mortgage rates, bringing more buyers in from the sidelines.
Rates reversed course suddenly in mid-March on the heels of the bank collapses and the ensuing panic in the markets. This week, theBuyers jumped back in.
Buyers may even gain some wiggle room in the future. If inflation remains a problem and the Federal Reserve continues to hike its benchmark rate, that could prompt mortgage rates to rise again. In turn, sellers may be forced to offer incentives again to lure price-rattled buyers back to the market. “If you're a buyer, it's a good idea to come in under the asking price,” Daryl Fairweather, chief economist at Redfin, told Yahoo Finance. “I would offer like 5% off your asking price rose in the market right now. Because many sellers are only going to get one other offer and your offer so they have to negotiate with you as a buyer. Maybe you can even get other things like cash on closing and decide on interest rate or other favorable terms. Definitely negotiate.”.
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