A Home Buyer's Market

In today's market, home buyers can negotiate a winning price as it is no longer a seller's market in most areas. Use these current hard times to negotiate a great home purchase price and on terms which are most in your favor.

A traditional buyer’s market occurs when the supply of homes exceeds the demand to buy those homes. This can be a great opportunity to negotiate not only the price of the home you want to buy, but also the terms surrounding purchase agreement. Financing, inspections costs, closing costs and other such fringe costs are all on the table for negotiation when the market is soft.

The end purchase price will depend a great deal on financing. Some of the purchase-offer terms you need to be aware of are:

1.) The amount of your deposit.
2.) Dates by which you will come up with the deposit.
3.) Dates by which you will first obtain and then approve or reject an appraisal of the home’s value.
4.) The type of mortgage you will be willing to obtain.
5.) The maximum interest rate and fees you will be willing to pay.
6.) The dates by which you will first apply and then be approved unconditionally for your mortgage.