If you had the opportunity to purchase your dream home for a lower price, would you? This can actually be achieved when entering the slow housing market, also known as a “buyers’ market”. Buying a home during this time comes along with many benefits being that this season can also be considered as the second-best time of the year to buy! Despite these advantages, many homeowners tend to purchase homes when properties are limited due to a busy market. Get an insight into the slow markets and find out how breaking away from the pack could ultimately get you a better deal on your home!
SELLERS ARE MOTIVATED
When there is a larger inventory of homes as opposed to buyers, sellers will often set their listing prices lower than the previous homes sold in the area months before. Sellers competing with other sellers eager to sell their home, you become the client they are fighting for which results in you being able to take the lead! If a seller is anxious to move on from their home, they will want that “SOLD” sign on their front lawn as soon as possible.
MORE INCENTIVES
More often than not, a seller's ultimate goal is to sell their home as fast as possible, which sometimes is a lot to ask for in a slow market. During this time, they become more willing to offer incentives, such as paying for closing costs, including appliances and furniture, or even repairing any damages on the home.
LESS COMPETITION, LESS BIDDING
With a lack of competition comes the next advantageous reason to buy during the slow market! Buyers can take advantage of the low competition and can avoid getting into a bidding war over their dream home. Removing the multitude of buyers you come across when searching during the busy market, you can rest assured the bidding process will flow much easier.
MORE TIME
Since it is less likely for a home in a slow market to receive multiple offers, this grants buyers more time to search and assess their finances before making the big jump. More time allows you to not make a rash offer on a property that you are not 100% sold on because you are stressed someone else will make an offer before you.
BETTER DEAL
Are you looking for a home with a pool, located in River Oaks, in the suburbs, or walking distance to restaurants? The slow market is the perfect time to look! Sellers will be more likely to accept a lower than asked price for their home, which means you get exactly what you are looking for for a much better price. Negotiating the best deal is at its highest potential and this is something you should definitely take advantage when searching for a home!
Now we know the benefits of buying during the slow market, but how exactly do we know when the market is slow? Well, a few things to look for are “Reduced Price” signs on homes, the length a “For Sale” sign stays up and even viewing how long homes stay on popular online pages or in your local newspaper. For a seamless and successful transaction, it is best to work with a real estate agent who can do much of the work for you and help you get the best deal. Our Nan agents are always on call and are motivated to find your next home.