Pending Home Sales Just Sank to a Record Low
NAR’s Pending Home Sales Index fell 7.3% in September to 66.0, the lowest reading in its history, and every region pulled back.
54%Of builders offering incentives
54% of home builders are now offering rate buydowns and closing cost concessions.
More negotiating room. Lower monthly payments. A shift buyers should know about, and agents should be talking about.
What it means
- Buyers: a builder-paid buydown can lower the rate for the first years of the loan or for its full term. Ask which one you are getting, and compare the builder's lender with an outside lender.
- Resale sellers: builder incentives set buyer expectations. Most closings now include seller concessions, so be ready to offer your own.
- Agents: with new construction at 30% of inventory, knowing each builder's incentives is part of the job.
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