Housing market is finally looking up for buyers

On Behalf of | Mar 12, 2019 | Real Estate Law |

In recent years, sellers have generally had the upper hand in the housing market in Georgia and many other parts of the country. However, 2019 is shaping up to be a year in which buyers may be gaining back some leverage. According to Redfin, only 13 percent of homes had multiple offers made on them in January.

According to an economist from the National Association of Realtors, mortgage interest rates are likely to stay under 5 percent for much of 2019. Lower interest rates may enable buyers to save hundreds compared to if they had purchased a home in 2018 where rates peaked at over 5 percent. As the housing market eases, buyers may have more choice than they have had in recent years.

Therefore, buyers may be less likely to buy a home without contingencies or without having the chance to see it first. Buyers may further increase their chances of obtaining a home by writing a letter to sellers talking up their homes and how much it would mean to live in them. Sellers are advised to price their homes properly and make necessary improvements to help them appeal to prospective buyers.

Buying a home may be a complex process for most individuals. However, it may be made easier with the help of real estate attorneys. They can review an offer to determine if there should be contingencies put in place or whether a closing period is realistic. They may also be able to ensure that all necessary disclosures are made about the house before a real estate transaction is officially closed.