Daffodils in brown potIf you are in the enviable position right now of looking to buy a home, enjoy the current market: the buyer’s market! Many folks that have to sell their homes right now are happy to start a dialogue with a potential buyer, so arm yourself with any and all information to get the best deal possible!

  • Right now you have more time to look, so you will be better armed with the knowledge of which houses have been sitting on the market for a while. These homeowners might be more likely to negotiate.
  • Consider looking at new construction. Builders sometimes offer incentives and sometimes have very attractive financing programs.
  • In certain areas that have been hit a bit harder by the market downturn, you certainly do have the upper hand whilst negotiating - and can always ask for an upgrade or a major repair before finalizing the deal.
  • Some buyers are asking for a written warranty on appliances and certain structural repairs. Down the road this could be a big money-saver for you.
  • Motivated sellers are more likely to work with your timeline. Don’t be afraid to ask if the closing can be pushed out.
  • Even some lenders are willing to negotiate. You might ask for free private mortgage insurance, a better interest rate or even lower closing costs.

For more information on the current real estate market go to Housing Predictor.