General Information - Five Tips for Buying in a Buyer's Market



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Five Tips for Buying in a Buyer's Market

Many more families may be more willing to make the big investment of purchasing a home when reports say it's a buyer's market. While it may be more affordable to buy in this market, these tips can provide a smoother process.


Many more families may be more willing to make the big investment of purchasing a home when reports say it's a buyer's market. While it may be more affordable to buy in this market, these tips can provide a smoother process.

1. Set a budget, but take advantage of competitive pricing - For many prospective buyers, making this investment when home prices are relatively low and sellers are competitively pricing is a major factor in their decision to become a homeowner. One thing buyers should be aware of when buying a low-priced home is what some maintenance may be necessary. Foreclosures and short sales may offer a great discount, but the money saved may need to be used to make the home livable. Another great option when buying in a buyer's market is purchasing a newly-constructed property, as they are typically competitively priced and don't need immediate repairs.

2. Consider all options before making a decision - In a buyer's market, you will likely have a larger variety of homes to choose from, so be sure to look at a number of homes to ensure you're making the best investment. You may be able to find a home that meets your needs without compromising some of your housing wants. When the market is slow for sellers, you won't need to rush to make a decision, but you may have more competition when making an offer.

3. Ask for repairs to be completed or free upgrades - When you're buying an existing home, you can probably talk a desperate seller into making some repairs to the home before finalizing a deal, such as replacing dated carpeting or installing new appliances.

4. Negotiate everything - When buying in a buyer's market, you should use your position to save the most money possible. If a home's been sitting on the market for a long time, you may be able to ask for help covering closing costs or other fees that come with buying their property, as sellers may be willing to do more if it means giving away the responsibility for their mortgage payments. This is also true if the seller has already purchased a new home. If a home appears overstaged, it may indicate they have already moved on and are currently paying two mortgages.

5. Request an answer sooner - Another benefit of buying when the market is hot is asking for a quick decision. This will allow you to move on to the next one rather than waiting for sellers to compare multiple offers. You should also be confident in turning down counter offers, as you will likely be able to find a seller who is more willing to offer their home at the price you desire when it's a buyer's market.

For consumers interested in new homes for sale in Florida, it's important they know how to move through the process. GL Homes can help consumers know what the latest trends are for homes in Florida so they know exactly what they want in their new home.