Have you been looking to stop renting and buy some real estate for a home of your own? If you're entering the real estate market at a time when it favors the buyer, you could be in for a nice surprise. Here is what you can expect from this unique real estate buying situation.
Know That Home Inventory Will Be Plentiful
A buyers market means that there are many more homes for sale than sellers looking to make a purchase. This will give you a huge selection of homes to pick from based on what has been sitting on the market waiting for an offer. This can be advantageous to sellers for several reasons that you may not be aware of.
Take Time Making A Decision
If you find a home that you like and mulling over if you should make an offer, there shouldn't be much pressure on you to put in an offer right away. If the home has been up for sale for several weeks or months, it is likely that someone is not going to rush in and beat you with an offer on the home. This gives you some time to think about the home, see some others, and circle back to make an offer if necessary.
Make An Offer Below Asking Price
A lack of competition means that you can make an offer that is below the home's list price. If you feel like the home is priced higher than it should be, the worst that will happen by making a lower offer is that the seller will reject it. You can always counter offer for a higher amount until they finally accept.
A seller will be motivated to sell because they are losing money on the home each month that it is not sold. They are paying property taxes and utility costs to essentially have the home sit empty until a buyer comes along.
Negotiate Terms of The Purchase
You will have more flexibility when negotiating the terms of the real estate purchase. For example, if you want the seller to make repairs for things that you found wrong with the home, they are more likely to go along with the request to make a sale. You may be surprised at what you can ask for when there are not many buyers out there looking for a home.
Work closely with a real estate broker in your area to get tips on how to make the most of a buyer's market.
