When buyers have the upper hand
When there are more homes for sale than the market demands, the advantage in the real estate transaction shifts to the buyer. Often called a “buyer’s market,” it means the purchasing party holds more of the power. There are currently a few property sectors in Summit County where the inventory is a little high, and the balance of power is shifting to the buyer.
Now the question becomes, “How can I use the current market condition, and my favorable position in it, to my advantage?” Here are four ways you can capitalize on that power position.
Price ” This is the most obvious, and perhaps the most important place buyers can exercise their advantage. In a buyer’s market, buyers may have the opportunity to bid below asking price, especially if a property has languished for several months without an offer.
Timetable ” In a market without bidding wars, and multiple offers, sellers may be willing to make allowances to keep their buyer satisfied. If you have specific timing needs, make them part of the negotiations.
Repairs ” The home inspector may recommend certain upgrades, or repairs, after his review. Consider asking the seller to make these changes, or to reduce the asking price to pay for these extra costs. In different market conditions, the seller would probably refuse, but in a buyer’s market, they might be more inclined to make concessions.
The Extras ” Think about requesting additional items, such as window treatments, and furniture, to be included in the sales price. On new construction, you might ask for additional finishes, or upgrades. Follow your real estate professional’s lead about what is appropriate, and what would be overstepping your bounds. The idea is to use the market conditions to your benefit, not to make the transaction difficult. Remember, if you take your demands too far, it could jeopardize the sale.
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