As we see some market recovery, the scales become a little more balanced between buyers and sellers. However, if you’re a buyer moving out of the area, local conditions here aren’t relevant. You need to investigate whether it’s still a strong buyer’s market in the area where you are relocating.
If long listing times and price reductions are prevalent, then you have the luxury of exercising some of the following options when you search and eventually make an offer. First of all, you needn’t jump at the first suitable home you find, because inventory will be high and price reductions open to discussion.
When you finally decide to make an offer, play the time card to your advantage, asking for a speedy seller response, perhaps within 24 hours. Pressure to accept is one thing, but do allow a reasonable amount of time for inspections, repairs, etc. Speaking of which, don’t be shy about stipulating major repairs in your offer, and the inclusion of a “home warranty” policy for the first year.
Offer below asking price, but don’t lowball and insult the seller. You can always reject their counteroffer in a strong buyer’s market, as long as you can accept the risk and move on to the next property. Have your representative assemble a good selection of suitable properties and take one step at a time!
Elwynn Schwartz is the owner of Chattanooga Real Estate Consultants and may be reached at 423-894-3050.