When the number of homes on the market outnumbers the number of buyers, you're looking at a buyer's market and homebuyers are in a stronger position to bargain. Here are five advantages buying to buying in a buyers market.
1. Lower sales price
Sellers are more willing to negotiate on price because they know if they refuse to accept your purchase offer, they might not receive another. When fewer homes are selling,, prices typically fall.
2.Buyers can command concessions
Buyers can ask sellers to pay their closing contingent on that their lender will allow the credit. Buyers can also ask sellers to pay for special reports such as a pest inspection and a home warranty.
3. Contingent offers are more acceptable
Sellers are more willing to accept a contingent offer that is dependent on the buyer selling the buyer's existing.
4. Request for repairs easily negotiated
If the home is in need of minor and major repairs , sellers will often credit the buyer for the repairs or fix the problem(s) noted by a home inspector.
5. Buyers control the transaction Buyers can ask for longer inspection periods, extend closing deadlines and ask for early possession. - terms that would be automatically rejected in a seller's market.
