HOW TO MAKE THE MOST OF A BUYER'S MARKET

Posted by DB Wilson on Tuesday, December 28th, 2010 at 4:51pm.

In today’s market, sellers are crossing their fingers hoping for increasing housing values and hungry buyers. With the market still on its way toward recovery, buyers have the luxury of being choosey and have plenty of leverage to work in their favor. By taking your time and leisurely looking at properties, you can ensure that you and your family get the most out of your transaction and buying experience.

Given the recovering market, buyers don’t have to feel pressured to make a decision on the first couple properties they see. By taking one’s time and slowing down the searching process, buyers can fully investigate which properties have been lingering on the market and which sellers might be willing to accept a price reduction.

In addition, buyers may also want to consider the foreclosure market. Foreclosed homes have seen a spike lately, with many sitting empty on the market for extended periods of time. If done right, some buyers may be able to get a fantastic deal on a foreclosed property. However, there are many iffy websites and agencies that claim to be specialists in foreclosures. To tap into this sector of real estate, make sure to speak with a qualified real estate agent who will represent only your interests throughout the transaction, and not the interests of the bank trying to sell them.

As mentioned, buyers today have plenty of leverage on their side. If you decide to build a new home, don’t be shy about asking for free upgrades, which may be of very little cost to the builder. For existing homes, negotiate for free repairs on things that may be pricey fixes later down the road. Buyers may also want to negotiate the closing costs or closing date. If a seller is really wants to sell, they may be willing to pay the closing costs partially or in full, and may allocate a few months for you to get your affairs in order for the move.

A completely different bidding strategy may also be the key to success. Usually, first offers are slightly below the seller’s asking price; in a market such as this, you can test an even lower one—but be prepared for rejection. By coming up with an acceptable, albeit, lowered bid, you may be able to save thousands of dollars on the purchase price of the home throughout the course of the negotiation.

Individual markets and neighborhoods can be and should be approached with different buying tactics and strategies. For more information on how you can navigate the buying process in today’s market, please contact us at 303-449-7000 or RE/MAX of Boulder, Inc..

RE/MAX of Boulder, Inc. located on the corner of Canyon and Folsom, is nationally and locally recognized as one of the most successful real estate offices in the industry. Nationally, they are one of the "Top 500 Power Brokers in the United States" as listed in both National Real Estate & Relocation and Real Trends magazines. Regionally, for the 3rd year in a row, the company has been named the #1 RE/MAX office in America for Single Office Closed Volume. They can be reached at 303.449.7000 or visit www.BoulderCO.com. Connect with them on Facebook and Twitter, search remaxofboulder.

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