The Advantages of Purchasing a Home in a Buyer’s Market

Buyer

Just about every real estate expert can agree on one thing: that we are currently in a serious buyer’s market. A buyer’s market is essentially when there are many homes of the market and not enough buyers. A buyer’s market is therefore often advantageous to the buyer, as he or she has more options and more leverage when purchasing a Jacksonville home.

What types of things can you ask for when purchasing a Jacksonville home in a buyer’s market?

Contingencies – In a seller’s market, contingency offers are often discarded and not even considered. In a buyer’s market, however, you hold most of the control and are therefore more likely to include contingencies with your offer. You may ask for the offer to be contingent based upon the approval of your home loan; contingent based upon the property coming in at a certain appraised value; or contingent based upon the sale of your home. Contingencies are important for buyers, as they often allow the buyer to back out of the deal during the contingency period without risk of losing their good faith money.

Allowances/Credits – It is not out of the ordinary to request allowances and credits to repair or replace items around the home. For example, many sellers grant a carpeting allowance or a roof allowance. If the home is not in the condition that you expect, you can request an allowance or credit from the seller.

Closing Costs – Closing costs may prove to be quite expensive, and can up to two percent of the sales prices of the Jacksonville home you want to purchase. It is therefore common for many buyers in a buyer’s market to ask the seller to pay part or all of the closing costs.

Extra Incentives – You may be able to negotiate extras from the seller. Some of the extras buyers in a buyer’s market ask for include appliances, home warranties and certain home furnishings.

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