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Monday, June 4, 2018
What is a Buyer’s Market and What are the Advantages?
Whether you are a new home buyer or seasoned investor, you may have heard the term “buyer’s market”. This term is used to refer to a real estate market in which there are more units for sale than buyers. Home buyers can see big advantages in this type of market!
Higher Inventory
A buyer’s market involves a higher supply of housing units in comparison to the number of buyers at a given time. As such, the buyer will have a larger variety of units to consider for purchase in such a market. More choices is always a positive.
Lower Prices
Since the real estate market abides by the same laws of demand as other markets, a higher level of supply compared to demand means that prices will drop. Therefore home buyers will see lower asking prices in this type of market and may be able to negotiate even lower sales prices.
Favorable Terms
Since sellers know buyers have many options, they are usually more willing to concede to buyer’s terms such as close times, paying some of the buyer’s closing costs and even leaving chattel such as appliances or furniture.
Time to Decide
Since there are less buyers competing for the same units, a buyer can take their time when considering available options. This may allow time for repeat visits as well as inspections, financing, etc.
Real estate markets go in cycles so it will sometimes be a buyer’s market and other times it will be a seller’s market. When it is a buyer’s market, home buyers should understand that they have the upper hand in the market!
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34645 Willow Creek Pl, Willoughby - $399,000 1331 Bennett Rd, Madison - $329,900 7165 Hawthorne Dr, Mentor - $274,900 4423 Ashwood Ave...
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9956 Johnnycake Ridge Rd #C2, Concord - $135,000 7651 Thorntail Ct, Concord - $435,000 1370 E 348th St, Eastlake - $159,900 10236 Hoba...
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7249 Button Rd, Concord - $399,900 7768 Jo Ann Dr, Concord - $499,900 34403 Iris Ln, Eastlake - $249,900 SL 109 Bedaos, Mentor - $408...
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34645 Willow Creek Pl, Willoughby - $399,000 1331 Bennett Rd, Madison - $329,900 7165 Hawthorne Dr, Mentor - $274,900 4423 Ashwood Ave...