Most areas these days are seller’s markets, which means that inventory is low, home prices are high, and sellers can afford to be picky about the offers they receive. However, recent statistics show that the trend is starting to move towards a buyer’s market, which means that things may be starting shift in favor of potential home buyers.
When inventory is high and there are more homes on the market than buyers, sellers are usually more willing to negotiate on the price of their home and to offer concessions in order to make a sale. But don’t get too overconfident, as you could end up making some costly mistakes while trying to take advantage of a buyer’s market. Here are a few tips on how to avoid doing so:
Experts say it is very important to know the market you’re looking in, and to understand what it has to offer. If you feel that everything is overpriced or too expensive, you may want to just go ahead and move on to the next neighborhood instead of wasting time making offers that are substantially below market value. If you’re really determined to get a bargain, look for homes that have been on the market for a while. The longer a home has been on the market, the more open the seller usually is to making a deal. But beware, the house could be unsellable for a good reason. It might be severely damaged or in poor condition, so be sure to get a thorough home inspection done before sealing the deal.
It’s not uncommon for buyers to make lowball offers in a buyer’s market, but remember to keep your expectations realistic. Pay attention to your appraiser’s assessment and work closely with your real estate agent to know how much other homes in the area have sold for.
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!
