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Market
conditions
Depending
if it is a "Buyer’s Market" or a "Seller’s
Market," can significantly affect your offer.
In
a buyer’s market, homes for sale tend to be on the market for
longer periods of time, and sellers are usually more negotiable
on price. We find a buyer’s market when the economy is slow
and there are more homes for sale than there are buyers.
In
a seller’s market, homes for sale tend to be on the market for
shorter periods of time, and they sell for full price or more.
When the economy is strong and consumer confidence is high, we
find that there are more buyers than there are homes to sell.
As of the present conditions in Orange County we are definately
in a Buyers Market. we just came out of a super strong sellers
market. but because of the conditions with the economy being down we are definitely in a buyers market. So if you
been waiting for prices to go down, that time is now.
When
making an offer you must consider the market conditions to
determine how much room there is to negotiate. For instance, in
a seller’s market there are usually multiple offers on a
property. For this reason, it is very unlikely you will get the
home for less than asking price. Where as in a buyers market,
the offers are few and far between. For this reason, placing an
offer below asking price would not be uncommon, and possibly
even be acceptable to the seller under these market conditions.
So evaluate the market carefully and consult with your Realtor
on the best strategy for making an offer on a home.
If
you have any questions, Please call
1-866-OC-House
© 2010 OC Home Finder Team.com - All rights reserved.
Written
By Shan Roberts
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