As the real estate market recovers along with the economy in general, the question comes up: Is this still a buyer’s market? The answer, basically, is yes, but with a couple caveats.
For several years, there was a glut of homes on the market and not enough qualified buyers to buy them. That’s slowly changing – and sellers are still willing to work with good buyers. But sellers know that as the economic landscape continues to turn upward, their homes are gong to be worth more money in the coming months and years.
That means, while sellers will make great efforts to sell their home, they won’t take just any offer that comes to them. If you’re looking to buy a home, you must show that you’re serious and not just a lookie-loo who goes around throwing out ridiculous low-ball offers. Increasingly, home sellers are turning away from that tactic.
Each time you look at a home, you and your real estate agent should map out a strategy. The agent may have already been in touch with the agent for the seller and therefore have information that can help you put together a workable offer. Realtors can be great assets to a buyer in other ways as well.
Realtors know their market. They know what’s selling nearby and what it’s selling for. They also understand the negotiation process, and your Realtor will always strive to get you the best possible deal. If a seller is being difficult, your Realtor can usually tell if he’s simply being difficult or if he has a legitimate reason to brush off an initial offer.
There’s no reason to think you can’t find that ultimate “dream home,” but in this recovering market, sellers can be expected to be a little more finicky. That’s fine. Counter their finickiness with a reasonable offer and not too much bickering about extras such as covering closing costs or making a number of not-completely-necessary repairs.
Your Realtor is on your side. He or she wants you to win.