Markets are always fluctuating, so it's difficult to guess when the dropping prices will level out or start creeping up. This means that prospective buyers have to be more vigilant when hunting for that bargain. As the market drops, it is easier to get a lower priced property, but make sure the house has re-sale ability.
To get a good-value lower price, buyers must also look for long-term investment value.Some of the pointers toward long term investment value lie outside the actual parameters of the property.
To ensure that you house will rise up in price with the market, you need to check out several key points before buying. One is the local community; is there population growth and new employment prospects? An expanding population suggests more demand for housing. Growing employment and expanding companies, or new companies moving in, suggests more home buyers moving in.
Don't rush into the first bargain property that you see. Buying in a low price market usually means there is lots of choice. Stick to your list of requirements and don't grab that bigger house if you don't really want it.
Ask why a property is on the market. How many offers has it had? Why did they fall through? Are there any seller's clauses written into a deal? Time is on your side because each day that passes may lower the price. In a buyer's market, you have negotiating power.
Check out the local inventory of homes, both listed with realtors and listed privately. If the market is flooded then it may be that it will drop further. At the very least in this climate, you have optimum choice and maximum bargaining power. Is the inventory of homes in your area actually rising? If so, there may be further decline if the market is flooded.
You can pull one last trick out of the hat in a buyer's market. If the owners of the home you have chosen are really keen to sell, they may offer you a little help to close the deal!
For instance if you can't make the legal costs, then rather than let the deal fall through, the seller may offer a seller's donation. This stops the sale price from being lowered and also stops the paperwork needing to be re-vamped. It is a little help for you, and also gives the seller what he wants- a 'SOLD' sign outside the house!
