If you’re thinking of buying a home, the differences between a buyer’s market and a seller’s market are significant.
Fluctuating Home Prices in Buyer’s and Seller’s Markets: What Makes the Difference?
Home prices can fluctuate depending on many factors such as the economy, interest rates and supply and demand. In a buyer’s market, the demand is lower than the supply, which usually results in reduced home prices. Buyers are also at an advantage because they can take their time and be more selective.
If a home has been on the market for longer than planned, you may have some leverage when it comes to making an offer. Homes that have just hit the market are a usually more difficult to haggle — but not always. Here are a few things you may be able to take advantage of in a seller’s market.
Can You Offer Less in a Buyer’s Market?
Offering less than the asking price is a normal tactic for homebuyers — even in a seller’s market — but it can generally work in your favor when buyers have more options. Depending on how much competition there is, a seller will most likely take you up on a substantially lower offer, if they’re truly looking to sell the home.
Negotiating Repairs or Upgrades in a Buyer’s Market
You’ll be in a better position to request repairs or updates if it’s a buyer’s market. Things that normally wouldn’t break a home sale, can now be used as a contingency. If you would rather the seller paint a room (so you don’t have to), by all means—ask them to.
In a Buyer’s Market, You Can Ask the Seller to Pay Closing Costs
In any type of market, you can ask the seller to pay your closing costs. However, if it’s a buyer’s market, you may have more luck getting the seller to “sweeten the deal.”
Are You Moving to the Tampa Area?
If you’re thinking about moving to Tampa, check out the links below to search for homes with just one click:
When you’re ready to start looking at homes for sale in Hillsborough County, Pasco County or Pinellas County, we’re here to help.
Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.
