The housing market seems to be shifting to become more balanced.  While still technically a “seller’s
 market, there has been an increase in the number of price cuts. Nationwide, 20% of the homes listed have had
 a price reduction.  One of the main factors for the shift is the dramatic increase of mortgage rates that
 started in January and seem to have peaked out here in the Pacific Northwest in June/July.  This increase has had two effects on
 buyers: budget and qualification.  The same buyers that have been shopping for the last 2 years are
 becoming stricken with “payment shock.” And while they have less competition when a home comes on
 the market, if the payment does not work for their budget, what can be done?
 A great alternative to a price reduction is the Seller Buydown. The lender will allow the seller to use a portion of their proceeds as a concession to cover closing costs and/or buy down the interest rate for the buyer