Pittsburgh PA Real Estate Blog

7 Ways to Compete in a Sellers Market

Buying a home is a team sport, and that’s especially true when buyers are facing the kinds of affordability challenges they are now. Volatile interest rates and tough competition for a limited supply of homes are posing unique issues for home shoppers. If you've been writing offer after offer — even competitive offers over asking price — and still not getting anywhere, then it could be time to change tactics.

Strategies tied to mortgage products and seller incentives can help buyers, even in situations involving cash buyers or shoppers offering above list price. These tactics won’t apply to every situation, but they offer buyers an idea about the kinds of adjustments to their offers or financing that can make the difference between getting the keys or attending yet another open house. It is important to note that every real estate market and buyer/seller transaction is unique and results may vary.

1. Offer a partial appraisal waiver
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People Are Still Moving, Even with Today’s Affordability Challenges

If you're thinking about buying or selling a home, you might have heard that it’s tough right now because mortgage rates are higher than they’ve been over the past few years, and home prices are rising. That much is true. Take a look at the graph below. It breaks down how the current affordability situation stacks up to recent years.

The National Association of Realtors (NAR) explains how to read the values on the graph:

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Life-Changing Events That Move the Housing Market

Life is a journey filled with unexpected twists and turns, like the excitement of welcoming a new addition, retiring, and starting a new adventure, or the bittersweet feeling of an empty nest. If something like this is changing in your own life, you may be considering buying or selling a house. That’s because through all these life-altering events, there is one common thread—the need to move.

Reasons People Still Need To Move Today
According to the National Association of Realtors (NAR) there have been a lot of this type of milestone or life change over the last two years (see graph below):

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