What exactly is a buyer's market?
In a buyer's market, there are more homes for sale than there are ready, willing & able buyers. In a buyer's market prices plummet, homes take longer to sell, and those that sell often do so with tremendous concessions made by the sellers. This is a buyer's market. One would have to be living in the quintessential bubble not to notice the facts and stats pointing to the obvious. Now, do not be discouraged by the barrage of negative media reporting. This simply means you have to do your homework to ensure that the deal makes good economic sense. Especially now.
This market brings you back to basics in terms of your property purchases. Forget about the high-flying housing prices from years recently past. The market is back to where she should be and it is weeding out the weak and/or the unwise in terms of the risk assessment undertaken by many.
Keep in your mind however that while the national housing market stats state that this is a slower market, the local housing authorities will let you know that while there is considerable inventory in some areas there are also niche buying opportunities for the braver of the investor-species.
Please do not allow the hype and scare tactics by the national pessimists in affected markets to cloud your judgment when looking to buy closer to home, Capital District. Do not be the small investor/consumer that attempts to further confuse things by overlaying the national statistics onto your local housing market demographics, or on your own personal property, as it simply results in leading to significant confusion and tremendous frustration.
Take Note: What does Warren Buffet do in a down market? He buys! Why? Because: There is more money made in weak markets than strong markets.
Speculation on the street is that it will get worse before it gets better. For all you would-be buyers in the house this is an excellent thing. It will save time in the process to have your financial credentials already verified and know that you have the approval to close on the deal. Get a pre-approval from your local mortgage officers as it will save on hassles, headaches and heartaches once you locate that perfect dream home and attempt to negotiate towards closing.
Lastly, please remember to get your own representation - hire yourself a Buyer's Agent. You should have a signed agency with an agent or else they are technically working for the sellers, not for you. Buyer Agents are compensated when you purchase a home and the deal closes. Their compensation has already been negotiated with the seller via the Seller's Agent as they will receive a pre-determined portion of the commission. A Buyer's Agent is free to you as the buyer. Get yourself a buyer's agent as soon as possible if you are dealing with the seller's real estate agent-meaning their name/face is on the sign. You want someone representing you - and your interests.
Hire a professional who does not already have a fiduciary obligation to another. That way you come first and your interests come first. It helps to mitigate a variety of conflicts that could arise if you do not have your own Realtor in your corner.
"It is not the strongest of the species that survives, nor the most intelligent, but the one most adaptable to change." Mr. Charles Darwin had this pegged - and in real estate the same rules apply. Work smarter not harder when the markets turn. Hire a professional able to navigate in this market. Happy House-hunting, my friends!!!
See you in the field.
Sincerely Yours,
Rosetta Dukharan, Licensed Realtor®
376 Broadway, Schenectady, NY 12305: 518-688-0693 office: 901-628-5188 sell phn: 518-688-3000 fax
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