"We're in a buyer's market." You hear this phrase all the time when talking real estate, but what does it really mean and how does this apply to your house buying experience? Let's first look at what a buyer's market really is. Defined it's a market where supply exceeds demand. Basically, it boils down to there being more homes for sale than people looking to buy.
This works to tip the scales in order to favor the buyer. Because there are more houses, these properties tend to stay on the market longer, sellers tend to be more flexible on sale prices, and instead of finding themselves in the middle of a bidding-war, buyers find themselves getting a great deal on their perfect home. Wondering how you can you take full advantage of a buyer's market? Look at these tips!
Find Houses that Have Been on the Market
Houses that have been on the market for a while or have had recent price reductions will be more receptive to offers that are lower than the original asking price. Touring these homes will help you get the best price from those owners who want to sell.
Ask for Contingencies
As a buyer, you're the one in charge. Feel free to add contingencies to your offer. Some examples could be making sure the property is appraised at the sale price or asking for a reasonable time period to conduct any inspections and pet reports.
Reduce Your Closing Costs
While the buyer doesn't have as many closing costs to pay as the seller does, they do have some and these out of pocket costs can add up. During the offer period, talk with your realtor about these fees to see if they're negotiable and if the seller can pay them.
Often times in a buyer's market the seller will want to offer a little extra something to help entice people to purchase their home. When touring the property did you see an appliance or piece of furniture that wasn't originally included in the listing? Don't be afraid to ask for it in your offer.
A buyer's market works to be a strong negotiation tool that you can keep in your back pocket when purchasing a home. Let Eastern Iowa Realtors Sarah & Jessica use their years of experience to help you get the best deal.