Creative Financing and Flexibility Help Buyers Find Homes Despite Challenging Market
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Buyers prioritized what they wanted most - location, affordability, move-in ready - and developed a strategy around that priority. Many had to compromise on some dimension.
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With affordability top of mind for many, buyers looked for seller concessions to buy down interest rates or considered aged inventory that sat on the market longer and was more negotiable.
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Creative financing was key for buyers who prioritized move-in ready homes, using gifts from family, bridge loans, tapping home equity, etc. to make the strongest possible offers.
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Persistence and adjusting to market shifts was important. One buyer looked for over a year before finally purchasing.
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New construction and tumbling mortgage rates late in the year provided opportunities, though buyers often paid premiums for new builds or bought in less developed areas.