Tips On How To Buy In A Buyers Market
April 22nd, 2008 categories: Home Buyers, Real Estate News
A buyer’s market exists when there are a lot of homes on the 
market and very few buyers. If the number of homes on the market in your neighborhood has been rising, it’s likely that the days on market has been increasing too. Couple that with declining sales figures over previous months, and home buyers are in a excellent position to negotiate. Here are a few tips on buying in a buyers market.
1. Know the listing inventory. Look at similar homes on the market and know the prices. If you’re like most buyers, you will want to offer less than the asking price, it’s human nature. Know what homes have had recent price reductions. These sellers may be more likely and receptive to lower offers.
2. Request e-mail listings and updates. 80% of today’s buyers start their search on the Internet. Have your Real Estate agent register you for e-mail updates. This is a great time saver.
3. Obtain comparable sales information. When you find a home you want to make an offer on, ask your Real Estate agent to print out a list of recent sales of comparable homes in the same neighborhood. This will help establish an appropriate offer.
4. Ask for allowances or credits. In a buyers market, it never hurts to ask. If the carpet needs replacing, if you need help with closing costs, ask the seller for a credit at close of escrow. Check with your lender first and find out how to word the credit clause.
5. Request Extras. Sellers realize that in a buyers market they may need to offer something extra to entice a sale. Don’t be afraid to ask for a home warranty or appliances.
6. Talk with several Mortgage Lenders. Fees and interest rates that lenders charge vary. Talk with 2 or 3 mortgage lenders to make sure you’re getting the best terms and conditions for your money.
