The changing sands of the real estate market have created a very different set of market conditions in many areas than what existed just a few months ago. If you are now in the market for a home in one of the many areas that have seen a slowdown in real estate activity, this may be an opportune time for you to take the plunge. It is important to stay abreast of the current market conditions in your area as there is a wide range of conditions in today's markets. Certain markets such as Charlotte, NC and Austin, TX remain very vibrant while Los Angeles and San Diego and parts of the Northeast have seen a considerable cooling down of both demand and relative prices. We suggest developing a relationship with one or more trusted local Realtors, who can serve as a good gauge on the specific conditions within your market. Now that the primary moving season has passed and we move towards the fall and winter, more and more homeowners will likely begin to feel a bit more pressure to find a way to get their homes sold.
If you are interested in purchasing a home in a market area that has seen a softening in demand, you have the opportunity to reach for certain things that would have been totally out of reach just a few months ago when multiple offers on the first day of an open house were a norm in certain hot markets. Some sellers will be highly motivated to work with you if you present yourself as a credible buyer. Your credibility will be buttressed by your preparation, which should include mortgage pre-approval, if you plan on using financing for your purchase, and your general knowledge of the market and what you are looking for with your purchase. Even a motivated seller often finds themselves fixated on the actual sales price rather than their eventual net proceeds from the sale. This can be a great advantage to the savvy buyer, who can seek other benefits in their purchase that may not directly impact the purchase price. Some options in this regard might include having the seller keep certain appliances, window coverings or even furniture or artwork that you feel fits especially well with the property. You can also ask for seller concessions such as seller payment of closing costs, home inspection fees and home warranties. In certain cases, you can even request that certain home improvements are made to the property as a condition to close. These types of improvements might include updating carpet in certain rooms, painting, additional landscaping or even new cabinets or kitchen or bath hardware. By successfully negotiating for some of these seller concessions, you may find yourself in the end getting a much better deal on your purchase than if you had negotiated for a slight decrease to the purchase price.
While each seller and buyer interaction is unique, you can put yourself in an advantageous position by knowing the conditions of your market and the aspects of the transaction that will be most highly valued by you in the end. Having a professional Realtor at your side handling your negotiations can be a major help in ensuring that you get the best deal possible for you and your family.
