Friday, May 12, 2006

What exactly does this mean??
It means that because there are more sellers than buyers (more supply than demand), sellers no longer have the power and need to be a little more flexible. writes the following in their monthly Realtor Magazine: (
How to Take Full Advantage of a Buyer's Market(May 8, 2006) --

Home buyers are getting the big breaks in an increasing number of U.S. markets, says Tom Early, president of the National Association of Exclusive Buyers Agents.But even as the market shifts to favor buyers, to get the best deal, buyers must take the right approach. Some advice from Early:
- Stifle the guilt. Some buyers feel guilty about pressing their advantage. Remind them, if the shoe were on the other foot, the seller would show no mercy.
- Be patient. In slow-moving markets, it is sometimes a good bet to simply wait until a stubborn seller sees the light and drops his price.
- A price drop may be just the beginning. When a seller drops the price, it may be a signal that he is facing a deadline and will negotiate still more.
- Take full advantage of a buyer's right to a home inspection. The buyer may find an issue that can be used to his advantage in gaining concessions.
- Insults don't work. Wounding the sellers' pride in their home is never a good tactic. Also making a ridiculously below-market bid may shock the owners into refusing to talk anymore.

If you are a Seller, place close attention to the advice given to buyers because it does impact you directly. Do not get offended by offers, it is better to receive a low offer than no offer at all, you can always counter. Just because you get an offer below your listed price, it does not mean it's a bad offer, it might mean your property is overpriced. Do your homework, look at comparables sales, and don't get greedy, unless you can afford to sit on the property and not sell.

Take a look at Ellen James Martin's article in the Miami Herald: