As we see some market recovery,
the scales become a little more
balanced between buyers and
sellers. However, if you're a
buyer moving out of the area,
local conditions here aren't relevant.
You need to investigate
whether it's still a strong buyer's
market in the area where you are
relocating.
If long listing titles and price
reductions arc prevalent, then
you have the luxury of exercising
some of the following options
when you search and eventually
make an offer. First of all. you
needn't jump at the first suitable
home you find, because inventory
will be high and price reductions
open to discussion.
When you finally decide to make
an offer, play the time card to
your advantage, asking for a
speedy seller response, perhaps
within 24 hours. Pressure to
accept is one thing, but do allow
a reasonable amount of time for
inspections, repairs, etc.
Speaking of which, don't be shy
about stipulating major repairs in
your offer, and the inclusion of a
"home warranty” policy for the
first year.
Offer below asking price, but
don't lowball and insult the seller.
you can always reject their counteroffer
in a strong buyer's market,
as long as you can accept the
risk and move on to the next
property. Have your representative
assemble a good selection of
suitable properties and take one
step at a time!