Despite some less than encouraging news about nationwide conditions in the real estate market, this can still be a good time for consumers looking to purchase a home. Recent trends towards stabilizing prices, moderating appreciation rates and increasing inventory all work in the favor of homebuyers for several reasons.
First, consumers should realize that “all real estate is local.” National statistics are weighed heavily by what happens in large markets at the extremes and don’t take into consideration many factors that impact local changes in pricing and inventory, such as business growth, employment and other aspects unique to each community.
Increased inventory also means more choices, more time to look at more properties and, once buyers find the home they want to purchase, more room for negotiation. Closing costs, special assessments, personal property and other terms and contingencies that had been nonnegotiable are again open for discussion. Offers that in a hot seller’s market would have gotten laughed off the table are now getting serious consideration, counteroffers and even accepted.
Not only that, but with more...
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