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You Have The Upper Hand
When there are more homes for sale than the market demands, the advantage in the real estate transaction shifts to the buyer. Often called a buyers market, it means the purchasing party holds most of the power. Add to that a softening economy, higher unemployment rates and escalating prices, and the buyer is in a real position of strength.
Now the question becomes, How can I use the current market condition and my favorable position in it to my advantage? Here are four ways you can capitalize on that power position.
In recent months the real estate market in many parts of the country has softened. There are simply more homes available for purchase than consumer demand requires. However, that does not mean you should sit back until conditions improve. Now is the time when you should prepare for the future.
Price
This is the most obvious and perhaps the most important place buyers can exercise their advantage. In such a market, buyers may have the opportunity to bid below asking price, especially if a property has languished for several weeks without an offer. A proactive approach will allow you to space out the projects and the related costs.
Timetable
In a market without bidding wars and multiple offers, sellers may be willing to make allowances to keep their buyer satisfied. If you have specific timing needs make them part of the negotiations.
Repairs
The home inspector may recommend certain upgrades or repairs after his review. Consider asking the seller to make these changes or to reduce the asking price to pay for these extra costs. In different market conditions, the seller would probably refuse, but in a buyers market, they might be more inclined to make concessions.
The Extras
Think about requesting additional items, such as window treatments and furniture, to be included in the sales price. Although it is nice to be in the party with the upper hand, a word of caution. Don't be greedy. Follow your real estate professionals lead about what is appropriate and what would be overstepping your bounds. The idea is to use the market conditions to your benefit, not to make the transaction difficult. Remember, if you take your demands too far, it could jeopardize the sale.
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