By: Erik Taylor

Tips For Buying A Home In A Down Market

Tags: Tips For Buying A Home In A Down Market, Buyers Market, Milton Resale Homes, House Sale Prices, Real Estate Negotiation Skills, Motivated Sellers in Milton Ontario Real Estate, Erik Taylor Real Estate, Remax Listings, Home Buyers in Milton Ontario,  Milton Ontario Homes for sale



Have you noticed a change in the market? Great news! We are back to buying on your terms.
Buyers now have an edge in the current market. When real estate sales are slow and there is an increased number of homes for sale buyers have an opportunity to pick up a house at a lower price. The operative word here is "opportunity". There are times when you should pounce and times when you should show restraint and avoid an impulse buy. Knowing the difference could save you thousands of dollars. As your realtor I am happy to show you right now which properties are presenting us with this opportunity.

Do Your Home Work
Buyers generally have the advantage in a down market, but this doesn't mean you should walk into a transaction blindly. The objective of this research is to get to know the price range for the area. You want to get a sense of what a low price would be for your desired area.

Get Your Ducks in a Row
To make sure that you're able to pounce on a deal at a moment's notice, it makes sense to get pre-approved for a mortgage and have a lawyer available to handle the closing paperwork.

Realtor With Strong Negotiation Skills
While sellers want the highest price and buyers want the best deal, the two have to meet somewhere in the middle for the deal to close. Negotiating for a home is important since this is the largest asset most people own and there’s potentially a lot of cash at stake. Your realtor’s job is to work for you to get the most for your dollar. In a buyer’s market, those looking for a property can walk away if they don’t like the terms, since they have many homes to choose from. 

Watch For Motivated Sellers
 Motivated sellers provide additional bargaining power for potential buyers. If the home has been on the market for a while, has undergone several price reductions, and/or is vacant, this suggests the seller is looking to sell as soon as possible. The listing price is always negotiable. The next 4 weeks present the largest opportunity on motivated sellers.

If you are interested in find out more on this topic or have any questions, give me a call!