There has been a lot of talk about the market cooling. Does this mean it is now the buyer’s turn at benefiting from market conditions?
A buyer’s market occurs when sellers have little or no power in the negotiating of the sale of a home. The buyer has an advantage in that there are more homes to choose from. Housing prices may also be down due to the negotiations of wise buyers.
Are we heading for a buyer’s market? Some areas have shown indications that we are. In many areas, home sales have slowed down. Homes are staying on the market much longer. The longer a home is on the market, the sellers should be more willing to negotiate.
Not only is the inventory of homes for sale going up, but the housing prices in some areas have stopped increasing. A few areas are actually experiencing decreases in housing values.
You may be saying that interest rates are working against buyers, but that isn’t necessarily the case. Interest rates still remain at a reasonably low level. What this means is that the average person can still afford to buy the average home.
In fact, interest rates help create a buyer’s market. With...
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