6 Real Estate Tips in a Buyer’s Market
Whether you’re buying your first home or looking to get the best possible deal on a new home, it’s important to know if you’re in a buyer’s market. A buyer’s market means that there are many homes for sale, but a lack of interested buyers. In these markets, Platt said, real estate prices typically fall and apartments stay on the market longer. The good news, however, is that buyers in this market have more bargaining power with sellers due to the large number of homes on the market. Competing sellers may lower prices and be more willing to negotiate offers. Realtor David Zeff advises buyers to work with a real estate professional when buying a home. By working with a qualified real estate agent, buyers can implement the right strategy to find a home that fits their needs and negotiate the best possible price or terms for the property.
Home buyers can check how many days the home has been on the market. That could give buyers more leverage to negotiate a lower price, Platt said. The longer a house has been on the market, the more likely buyers can purchase a home within their budget. “Sellers may be exhausted by the process or need cash from the sale and are willing to drop the price,” Hachtel said.
In a buyer’s market, some buyers can find ready-to-move-in inventory from builders. “Builders want to get specific housing off the books, so they may want to negotiate or give incentives,” Hachtel said. These incentives may include lowering your mortgage rate, paying some of the closing costs, or offering extra equipment.
Buyers who want to look for homes outside of their area can find great homes or better prices in places they hadn’t previously considered. Hachtel recommends that potential buyers visit the homes in person and compare the price to the condition. “Keep looking at the market until you find a home in great condition at the best price. You don’t know much until you see several homes in person, Hachtel said.
In a buyer’s market, the seller does not accept every offer from the buyer. While a buyer should be able to find a home fairly easily, it can be more difficult for sellers to find another suitable buyer. According to Farrell, sellers may therefore be more inclined to negotiate and give in to buyers’ demands. Buyers should be careful what claims they make. “The goal is a fair and honest deal,” Farrell said. “Don’t negotiate for pride or to ‘win’. Not only do you risk upsetting the seller, but you risk jeopardizing the deal for no reason.”
Realtor David Zeff advises buyers to work with a real estate professional when buying a home. By working with a qualified real estate agent, buyers can implement the right strategy to find a home that fits their needs and negotiate the best possible price or terms for the property. Home buyers can check how many days the home has been on the market. That could give buyers more leverage to negotiate a lower price, Platt said.
The longer a house has been on the market, the more likely buyers can purchase a home within their budget. “Sellers may be exhausted by the process or need cash from the sale and are willing to drop the price,” Hachtel said.
In a buyer’s market, some buyers can find ready-to-move-in inventory from builders. “Builders want to get specific housing off the books, so they may want to negotiate or give incentives,” Hachtel said. These incentives may include lowering your mortgage rate, paying some of the closing costs, or offering extra equipment.
Buyers who want to look for homes outside of their area can find great homes or better prices in places they hadn’t previously considered.
Hachtel recommends that potential buyers visit the homes in person and compare the price to the condition.
“Keep looking at the market until you find the home in the best condition at the best price. You don’t know much until you see several homes in person, Hachtel said.
In a buyer’s market, the seller does not accept every offer from the buyer. While a buyer should be able to find a home fairly easily, it can be more difficult for sellers to find another suitable buyer.
According to Farrell, sellers may therefore be more inclined to negotiate and give in to buyers’ demands. Buyers should be careful what claims they make. “The goal is a fair and honest deal,” Farrell said. “Don’t negotiate for pride or to ‘win’. Not only do you risk upsetting the seller, but you risk jeopardizing the deal for no reason.”