01/04/2024
Story Time π
I go to the same gas station, almost daily, to get my rocket fuel (coffee & zyns). As a self-proclaimed chatterbox, I've made acquaintances with a few of the workers there. A couple of months ago one of them asked what I did for work. I try to keep it short and sweet because I know not everybody likes to talk about real estate as much as I do. Seriously though, what's not to like? Anyways.. Yesterday, one of them asked me my opinion on "When Is The Best Time To Buy A Home?". I responded with, "Right now." and I firmly believe that to be true. Don't wait until summer. Don't wait for the rates drop more. Right now IS the best time to buy.
Now, let's take a deeper look into why I believe this to be true..
Drawing in millions of tourists each year, Northern Michigan has been a summer vacation destination since the fudge started fudging. During this time of year, homeowners all around get their houses ready for the market and wait with anticipation to see how many offers they're going to get. With escalation clauses, waived inspections, naming your next child after the seller, and other tactics to get your clients into their dream home, it turns into a white-collar battleground out there. But, no matter how many homes that our fantastic local association of realtors list, it isn't enough for everybody out there. Now, of course, there is a deeper conversation to be had about lack of affordable housing and other issues, but for the sake of this argument we'll not get into that just yet.
Moving forward. As the late, great Winston Churchill once said, "A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty."
If I told you that you CAN buy real estate for under asking, with closing costs covered, with rate buydowns paid for by the seller, and more, you'd think I'm crazy. Right? Right. Looking back at the last few years, I don't blame you. HOWEVER, that's exactly what we're seeing. Right now! Houses are taking price cuts left & right and still, buyers aren't buying. Whether people are waiting for the rates to come down (newsflash, they've been dropping for 2 months), or for more of a supply to choose from come summer, I'm not sure. What I am sure about is that the sellers in the current market are hungry to sell and for the first time in years, they're willing to negotiate.
As a buyer in this market, you need to use that to your advantage! Let the seller pay for your closing costs! Let the seller buy down your rate! Get creative, see some houses, and go buy some damn real estate. Right now is the best time!
(Photo is of Logan W. Churchill for anybody confused)