3 advantages homebuyers should know this summer, according to experts
Summary
This summer, homebuyers may find several benefits despite mortgage rates still being above 6%. Experts highlight less competition among buyers, more negotiating power for buyers, and more homes available on the market as advantages this season.Key Facts
- Mortgage rates have slightly dropped from 6.62% in May to about 6.37% recently.
- The U.S. is experiencing a strong buyer’s market with 47% more sellers than buyers.
- Fewer buyers competing for homes means fewer bidding wars and more time to decide.
- The condo and townhouse markets tend to have less competition than single-family homes.
- Sellers are more willing to lower prices and offer concessions like covering closing costs.
- Many sellers now agree to fix most issues found during home inspections.
- Some buyers benefit from seller-paid temporary rate reductions to lower early loan payments.
- Competition and advantages vary by location and local market conditions.
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