Buying a home in a seller’s market is challenging to say the least. In many local markets, homes are not staying on the market long and several buyers are putting in offers on a single property. This means that the competition is high. However, there are still many incentives available to buyers in the real estate process. Here are a few to note from Plainfield IL REALTOR Jeff Gregory.
Savings and Negotiations
In the event that there are a number of things revealed at the inspection of a home, savings can be found. For example, a seller that does not want to take the time to repair that handful of shingles on the roof or damaged wood on the front porch might offer a credit for some closing costs. Making changes to the home takes time and this can push back the closing. One observation as a Plainfield IL real estate agent is that sellers don’t want this and lenders don’t either. Look for these types of incentives when buying your new home.
Seek the expertise of your Plainfield IL Realtor in regards to the seller’s motivation to sell. Do they want a quick close? If so, you might find some advantages. For instance, the buyer might get a small bonus or a credit for a non-reoccurring closing cost. A good real estate agent will do some work to find out the seller’s situation. Perhaps they have a start date for a new job in their new location. There might also be tax implications for taking more time to move. In any situation requiring a quick close, you may be able to save some money on your purchase.
Interest Rate Savings
Buyers that seek a lower interest rate on their mortgage can offer money up front. This is called a “point,” and the process is referred to as “buying down an interest rate.” Sellers have the opportunity to pay this point for the buyer in many cases. Working with sellers as a Plainfield IL real estate agent means providing the best financial opportunities to both buyers and sellers in the real estate process. Sellers generally will be open to offering this incentive if it affords them a significant benefit. If there are various issues with the home making it hard to sell, or a quick close is needed they might be inclined to offer this. Buyers will do well to look for such incentives as they navigate the buying process. For help buying your next home and saving along the way contact Plainfield IL REALTOR Jeff Gregory today!