8 Reasons Sellers Aren’t Selling

By Holden Lewis

Buyers may be able to make rising mortgage rates less onerous by using one or more of these nine tips suggested by RE agents and lenders.

NEW YORK – Mortgage rates have risen to their highest levels in more than 20 years, making it harder to afford a home. And yet, out of necessity or desire, hundreds of thousands of people buy homes every month.

With the 30-year fixed rate topping 7%, NerdWallet asked real estate agents and mortgage loan officers for advice on how homebuyers can stretch their homebuying dollars in this time of high interest rates. Here are nine tactics that they suggested.

1. Ask the seller to reduce the mortgage rate

Temporary mortgage rate buydowns have become commonplace since rates surged in early 2022. With a temporary rate buydown, the seller pays a portion of the buyer’s interest payments upfront. This reduces the house payments for the first one, two or three years of ownership.

2. Use part of your down payment to pay down debt 

When you apply for a mortgage, the lender considers your total debt payments for the house, car, student loans and credit cards. 

3. Use homebuyer assistance programs 

State and local governments sponsor an abundance of programs to make homes affordable for homebuyers, especially first-timers. Some programs offer down payment assistance and help with closing costs. Others offer favorable interest rates or tax credits

4. Ask the seller to finance the purchase

You can give the seller an IOU for part of the home’s value and make monthly payments directly to the seller at an interest rate that’s lower than you could get from a bank. This arrangement is called “seller financing” and has its roots in the early 1980s, when mortgage rates zoomed as high as 18%.

5. Don’t wait for a rate you like better 

“If the right house comes along and the payment is affordable (even if you don’t like the interest rate), you should buy the house,” Kuiper said.

6. Don’t get distracted by things you don’t need 

Some sellers want flexibility about the closing date, would prefer the buyer to make repairs, and are scared of accepting an offer from a buyer who ends up failing to qualify for the mortgage. 

7. Buy a house that needs work 

Buying a fixer-upper is an old-fashioned, time-tested way to save money.

8. Build a house or buy a brand-new one

9. Rent out part of the house


Right at the beginning of National Seafood Month, National Fried Scallops Day serves up a seafood dish enjoyed across the country. October 2nd each year brings scallop fans together to celebrate their favorite dishes.

The word scallop refers to the common name applied to many species of marine bivalve mollusks in the family Pectinidae. Every ocean in the world provides habitat for these mollusks, too.

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