ARE WE IN A
In real estate, a buyer’s market occurs when there are more houses on the market than there are interested home buyers. In other words, the supply of homes exceeds the demand.
A sudden, dramatic increase in homes for sale in a certain area or a decrease in interested buyers could create a buyer’s market. Both of these situations could also happen at the exact same time, aiding to a potentially stronger market change.
Any of the following might signal a buyer’s market:
-More For Sale signs in the area
-Homes sitting on the market longer
-Overall drop in real estate prices
When buyers are in control, sellers will go the extra mile to ensure their properties attract buyers attention. Sellers might drop prices to gain advantage over comparable properties for sale in the area. They may also entice buyers with repairs or favorable terms.
Buyers, on the other hand, can use sellers eagerness as leverage to negotiate lower prices and special terms, such as having the current homeowner cover a portion of closing costs. Sellers may be forced to accept an offer below asking price if there’s a chance their interested buyer could withdraw the offer to pursue another option.
Buyers…..this is a GREAT opportunity to take advantage of lower prices, potential closing costs paid for by the seller and some great creative financing to beat the higher interest rates!
Don’t wait as this could be a small window of opportunity!