All across the nation, buyers have been waiting with bated breath for a change in the real estate market. For many years the national market has been a seller's market. That is; that there were more buyers then there were sellers so home sellers could ask top dollar for their homes and their properties would be highly desired by many. Well, that has changed to some extent. With the construction boom that this country has experienced over the past few years there is now an abundance of home inventory in many cities in the U.S. This has created that "buyer's market" that people have been waiting for. In a buyer's market there are many homes and fewer buyers which makes owners have to be more competitive to attract those buyers.
So the question is: "how can you best take advantage of a buyer's market?" Well the first step as always is to get the financials in line so that your mortgage approval can be done.
With the money question answered you can move on to searching for that perfect home. One thing you may notice about a buyer's market is that homes may tend to be listed for a longer period of time. This can work in your favor as sellers become more and more anxious the longer a home is on the market. This is not to say that you can simply low ball them and scoop a home but you may find that they are more open to negotiation then they would be if the buyer's market was not a factor.
In a buyer's market you will be in a naturally advantageous position and it can be easy to lose sight of the final goal. The main idea here is to find a great home that will suit you and your family for years to come or to form a piece of a well planned investment portfolio. The idea is not to find the cheapest home or the most desperate sellers. Try to think about things in terms of what will fulfill the dynamic and changing needs of your life now and in the future. A well planned home purchase can be the most gratifying purchase that a person ever makes. It's all the sweeter if they just happened to get a great deal!
