Buying a home in a down market
Thinking of Buying? Consider these tips before diving into a "Buyers Market"
A buyers market occurs when there is an overabundance of homes on the market and very few buyers. As inventories rise this gives more choices to the buyer which increases the number of days homes unselected will sit on the market. The longer a home sits on the market, the more motivated the seller to reduce the asking price. Which places the power of the negotiations squarely in the buyers lap. Negotiate? How? With what? On which house? For how much? How does a buyer know if the home is at market value or still priced to high or is it a steal? Having the answers to these questions can make the difference in whether or not you took advantage of a buyers market or did it take advantage of you? You've heard the expression "Don't let the tail wag the dog? Well, just because it's a buyers market doesn't necessarily mean jump!
Buyer's Agent in Wilmington NC
That's why even more so in these current market conditions it's imperative to enlist the experience and skills of a licensed Realtor to act on your behalf as a Buyer's Agent. Consider the advantages of receiving minute by minute updates on properties which may interest you. Updates which are current and fresh and which most buyers are not even aware are for sale and you'll also be notified of price reductions. Knowing the number of days a property has been on the market can also boost your bargaining position. A custom email property search will deliver this critical information to you as well. Making too low of an offer on a newly listed home could hurt your negotiations if you decide this is really the home for you. We're happy to speak with you if you are interested in this powerful tool to keep you a step ahead of the market. A Buyer's agent can print out a list of homes which recently sold over the last six months in the neighborhood to determine comparable sales and will help write your offer based on contingencies such as financing, appraisal, inspections and title search. Your agent may advise you to consider asking for allowances or credits or negotiate closing cost. Have you ever thought of asking for an item in the home that you don't really want? There's a reason this strategy works! There is a wealth of information a Buyer Agent can use to benefit you and keep you on the upside in a down market. Please feel free to contact our team of experienced, qualified, licensed agents to assist you during your home buying process.
