Step 2 Learn about the Market
What is going on in the market? This simple question can make all the difference when it comes to purchasing a home. Are we in a buyers market, a seller’s market, or are things pretty normal?
I have to say, I have been in real estate for 10 years and I have yet to see a normal market! In a normal market, both buyers and sellers are playing nicely in the sandbox. Not one party has the upper hand when it comes to negotiations and repairs. There is give and take from both sides. This sounds pretty great!
If we are in a seller’s market, buckle up and hang on! Technically speaking, there is more demand than there is supply. This type of market favors the seller and unfortunately, they have the upper hand in negotiations. Now would not be the best time to ask for the furniture to be included in your offer or to see how low the seller will go. It’s time to put your best foot forward and be on the ball for showings.
In a buyers market, buyers have the advantage. There are more homes for you to choose from and fewer buyers to compete against. You can actually take some time and breathe when it comes to looking at homes. Now is the time when we may be able to get your closing costs paid for by the seller or ask for some additional money off of the home.
Condition matters and understanding the market is key to your home buying success!
Join me next week as I share step 3 where I talk about getting pre-approved! Did you miss step 1? Catch it here!