based on an article by Paul Pastore:
1. Selection.
Regardless of the price range a buyer desires, there are plenty of houses from which to choose. A few years ago, a buyer was forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. You can find large lots, small lots, Pet-Friendly properties, too! There are lots of option in this market.
2. No Bidding Wars.
In 2005 there was a client that made an offer on ten homes. They lost the first nine to the "feeding frenzy" that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is little or no competitive bidding in the buyer's market.
3. You can make an offer.
A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer. Today the sell price vs. list price ration is about 96%. A seller will not be as insulted if you "make them an offer".
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4. Patience is tolerated
In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
5. Due diligence is welcomed.
In this market a buyer is encouraged to obtain a home inspection and appraisal.
6. There are plenty of specs.
In the past a buyer had to "play games" if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. Today many homebuilders are offering large incentives to buyers.
For information about buying from builders, click here.
7. Repair requests are welcomed.
After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold "as is". Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
For information about appraisals, click here.
8. Few, if an, investors. In 2005 to 2007 mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
9. Location, location, location.
In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines and relatives.
10. Real financing is available.
the "wink, wink" zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, fist-time homeowner bond programs, special loans for teacher, and police officers are back in business.
It's a great time to buy real estate!
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