Homebuyers in a Buyers'
Market
Buying a home in a sellers' market is much more demanding than buying in a buyers market.
Since there are more homes for sale than buyers in a buyers' market, homes may not sell quickly and sell for lower prices than they normally would. Sellers Watching their home sitting on the market for longer than they want are generally motivated to help you buy their home. Because of this you can get some good concessions from your seller and still get your new home for the right price.
What can you do? If you are in a Buyers' market, and want to buy a home?
Be prepared to buy.
Get your finances in order....... (more)
clean up your credit......... (more)
Get pre-approved for a loan...... (apply here)
Knowing how much you can spend can narrow your search and make it more productive. You will be in a much better position to act quickly if the right house comes your way. You will also know which items to look for when making your offer.
Pick an area where you want to live.
Decide on the area you want and the kind of home you want . Think about how you would like to live your daily life. Picture your activities and how you want to spend your time. The right type of home will come to you. For example, if you like to entertain large groups of people, You may want a great room. If You travel or don't care much for maintenance and gardening? Something in a gated community may be perfect for you. Do you love antiques or restoring things? How about looking at a historic property, or an older home? Focusing on your wants will help you and your real estate agent find the best home for your preferences.
Hire a real estate agent?
A Sellers' market isn't the best time to look for a home by yourself. In a buyers' market it is somewhat more feasible. If you decide to use a real estate agent, find an agent that specializes in the area you want to live in and the type of home you want to buy. Real estate agents have niches, usually they focus on a particular area of town. Ask around and find out who is the specialist in the neighborhood you want to live in.
Make Your Offer the Most Attractive.
Make it clear that you are ready to move toward closing. In a buyers market that is what counts.
Potential deal concessions
In a buyers' market you may get one or more of these concessions.
Seller paying all of your closing costs. (1 to 6% is common)
Seller making a second mortgage to you personally if you are short on downpayment or unable to qualify for a higher loan to value loan.
Seller offering a redecorating allowance for new carpet, wallpaper, appliances, etc.
You will have to decide which
fits your needs the best. Best of all, you will still get the house
at or below appraised value.
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