Labor Day is right around the corner, and that's traditionally the beginning of the Fall "mini-market", when new listings come on, although not as many as in the Spring season. For the first time in a while, there are listings from earlier in the year that have not sold, adding to the mix. For buyers, here is your chance for 2022.
Don't try to go really low, but maybe don't bid as aggressively over the sales price as you would have had to do six months ago. Be realistic--houses that didn't sell in the busy season may have some perceived flaw, or may simply have been overpriced, or priced too high for buyers suddenly faced with higher interest rates. If you have a down payment, and will qualify at higher rates, you are in a good position to be a strong buyer now.
Now Your Options
If you cannot afford to buy right now, think about offering to rent a home, either to buy, or for the academic year. You could try to do a lease purchase, or you could be successful by being flexible in your starting and stopping dates, if you are willing to move again at an odd time of the year. That might work in your favor, especially if you end up looking again at rentals when students leave at the end of the school year.
Don't Be Greedy
Most importantly, don't be greedy. You may leave a little money on the table, but you will also cover yourselves if you need extra time or extra repairs at the very end. It's important to try to have a good relationship with the buyer, and to use your agent to put your requests across in the nicest possible way. Invest in the buying process the way you would in a job search, and reap the rewards!
