Many people wonder if they should buy in a down market. I personally think a the down market is a great time to buy. You don’t buy stocks while they are high, you buy them when they are low and sell when they are high. Houses should be the same. Here are a few tips I have compiled to give you ideas about what you can ask for in a buyers market that wouldn’t fly in a Sellers Market.
1. Home repairs paid by the Seller. If you see some things that need fixing but otherwise the house is great ask the seller to fix or pay to fix those items.
2. Ask for the seller to pay all closing costs. This will save you the buyer anywhere from 2-4% which is big money.
3. Ask for the builder to through in upgrades at no additional cost to you.
4. Ask for the seller to carry the note or part of the note.
5. Ask for owner financing or a lease option
When you really break it down you just need to negotiate the best deal for yourself. This is why having a professional Realtor is so important. Your Realtor should help you to do these things, provide you with ideas and truly listen to you so they know what it is you are looking for.
The days of bidding wars for homes are over and people still need to buy and sell homes. You need to arm yourself with the local market knowledge that will allow you to get the best deal. I do have to warn about being realistic. I’m sorry but the sellers can’t cut there price in half, this doesn’t mean there aren’t great deals to be had but it does mean you need to be realistic, professial, and polite when making offers.
I hope this help and if you have any questions about Southern Utah real estate or about buying or selling in general please contact me. Sam Dodd at 435-701-0448 you can also reach me by clicking the contact Sam button.