Buying a home is a constantly changing process, and today's market looks a lot different than the seller-friendly market we saw for much of the pandemic. As a result, many of the "rules" that buyers were forced to adhere to can now be ignored. 

Today, we're seeing a much more balanced market, which means sellers don't automatically win, and buyers don't have to make the same sacrifices in order to land a home. If you're currently shopping for a home, our REALTORS® recommend breaking these "rules" in order to get the best deal:

• Making Your Offer Immediately
  Pandemic-era buyers learned that to have any chance of landing a home, making an immediate offer was a necessity. Homes often sold as soon as they hit the market, meaning potential buyers had little time to consider the most important financial decision of a lifetime. However, the market has slowed as higher interest rates mean fewer buyers (or competitors) shopping. As a result, if you have your eye on one of these Beavercreek homes for sale, you'll likely have some time to think it over.
  
  
• You Have To Exceed The Asking Price
  Not too long ago, buyers were making unprecedented offers, sometimes raising more than 20% over the asking price, and in some cases, offering all-cash deals. While going over the asking price may be necessary in some cases, it's not always a must. Buyers have more room to negotiate prices down in today's market.
  
  
• You Need To Waive Inspections
  Inspection contingencies are one of the first things to go when buyers are looking for creative ways to make their offers stand out. However, skipping a general home inspection, or other essential checks like pest inspection, can lead to significant risk. You don't want to buy a home that is going to sink you with repair costs immediately. However, waiving inspections probably isn't necessary because the market isn't as competitive.
• Always Put Down 20%
  Making a 20% down payment has its advantages. You can accumulate more home equity and avoid paying Private Mortgage Insurance (PMI), which protects your lender if you default on the loan. However, if you can only put down 20% at the expense of draining your savings, you should rethink. Owning a home is expensive, so you'll need cash for upgrades and unexpected repairs. If you don't have a ton of money saved up, you can likely get by with a 5% or 10% down payment instead.
  
  
• Never Ask For A Seller Assist
  A seller assist can be an important tool for first-time buyers who have the income to afford the mortgage payment but maybe haven't saved up enough for the down payment and other costs. A seller assist is a request for the seller to cover some or all of the closing costs in exchange for a credit, which is usually tacked on to the sale price. This concept was essentially non-existent during the pandemic, but now that buyers have more leverage, it's becoming more common.

Buying your first home can be tricky at any time, but luckily, today's is a bit more buyer-friendly than the previous few years. Contact Wright-Patt Realty today to begin your home search.