A Fed official says what we’re all thinking: home prices must drop—and sellers seem to have gotten the message. Per a recent Redfin report, 44.7% of home sales included seller concessions such as price cuts, rate buydowns, covering closing costs, or even renovations, repairs, and expensive layout changes. So, if you’re a buyer, how do you get the most from your seller on the next deal?
We’re back with this week’s headlines! We’ve brought good news for buyers, scary news for sellers, and strange-smelling stories about multifamily investors. Seller desperation is peaking as concessions offer buyers the biggest opportunity in six years. Even the Fed is taking note, as one official warns about home affordability and why prices need to drop to make progress.
Now, what the heck is that black stuff behind the fridge? That’s the question multifamily investors are asking themselves as mold-based litigation ramps up and renters prepare to get paydays thanks to some severe spores. If you own a home in the Northwest, the South, or anywhere else that gets humid, here is what you should do to avoid a pricey repair.
In This Episode We Cover
The rise in seller concessions and how to unlock price cuts, lower mortgage rates, or covered closing costs
The $70K concession James is making to literally rearrange a floor plan to sell a house
A Fed official’s warning on home prices and why they may still be too high
The deals popping up and sitting on the market that could be solid rentals
A major mold problem: Why you should check your rental ASAP (before a lawyer gets involved)
And So Much More!
Links from the Show
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Redfin: Nearly Half of Homebuyers Get Concessions From Sellers as Most Markets Tip in Buyers’ Favor
Realtor: Fed Official Sounds Warning on Housing as Affordability Hits 21-Year Low
Bisnow: Mold Is Growing Into Major Problem For Apartment Owners
Dave's BiggerPockets Profile
Henry's BiggerPockets Profile
James' BiggerPockets Profile
Kathy's BiggerPockets Profile
Grab The Book on Negotiating Real Estate
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