A traditional buyer’s market, where the supply of homes for sale far exceeds the demand to buy them, can be a great opportunity for buyers to negotiate the price of the home they want to buy as well as the terms of the purchase agreement. Since today’s market is a buyer’s market in most areas, here are a few things to consider:
You should probably walk away if inspection isn’t right. One of the benefits of buying a home in this type of market is that you have time to think about your purchase and make sure that the home you’re buying meets your needs. Inspections are an important part of that process.
You may want to negotiate permission to hire a home inspector to check out the condition of the home or other experts who can look for potential problems such as termites or other wood-destroying pests, mold, radon or other possible hazards. You may also want the right not to go ahead with the purchase if you aren’t satisfied with the findings of the inspections. You could ask the seller to purchase a home warranty that would cover certain problems with the home that might surface after you purchase it.
You could negotiate to close on your schedule. Typically, sellers are less willing to wait for a buyer’s home to be sold if there are a lot of potential buyers. But a buyer’s market might enable you to make your purchase dependent upon the sale of your current home.
Don’t be afraid to ask for other contingencies, terms or concessions that you may need to facilitate your purchase. If you don’t ask, you may miss out on some important protections you need to complete the transaction.
Of course, don’t forget that your demands should always be within reason. You don’t want to risk turning off the seller if you’re too pushy or unreasonable.
If you are planning to buy a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
