As a buyer, keeping track of the rise and fall of the housing market is difficult. The real estate market has currently shifted in favor of buyers; Dennis Hartman defines this as a buyers’ market. Houses are selling at a lower cost, which can benefit a potential buyer. If there are more houses on the market than buyers, this creates more supply and less demand. Several situations can cause a buyers’ market including a large amount of homes being built without potential buyers. This creates an urgency to sell and sometimes forces owners to drastically lower the selling price.
With short sales and foreclosures becoming more and more common, buyers are able to negotiate deals that can benefit them in the process of buying a home. Rick Hazeltine offers advice to buyers on how to negotiate the best deal in the shifting real estate market. Some of his tips include knowing how to make a good offer by researching homes similar to the one you are purchasing. Be aware of how long the home has been on the market, the longer it has been for sale, usually the owner is more anxious to sell. Hazletine also emphasizes the buyer to look at the bigger picture by fighting over a couple thousand dollars.
Whether the real estate market favors the buyer, it is important to remain knowledgeable when purchasing a home. Seeking advice from a professional can be helpful in making real estate decisions.
For more information, contact Starting Point Home Solutions!