Depending on the economy, you may find
yourself in a buyer's market in which the buyers get the best
deals, or you may find yourself in a seller's market in which
the sellers get the upper hand. Sometimes, you'll find
yourself somewhere in between.
In a buyer's market, there are a lot of homes on the market,
and they may take a while to sell. To sell a house, the seller
might need to offer a really good price, plus additional
incentives such as help with financing. If you're buying a
home in this type of market, you can take your time looking
and can usually strike a pretty good deal.
In a seller's market, houses aren't on the market for long. In
fact, they may sell before they are even listed. Because the
market is so strong, many owners will decide to sell their
homes themselves; you'll see a lot of for-sale-by-owner (FSBO)
homes. If you're selling a house in this market, you're lucky.
You'll probably get many good offers and not need to offer any
additional incentives. If you're buying a house in this
market, you may have to work hard to find a house that you
like and can make an offer on before it is sold...To get your
offer accepted, you should be financially ready
(prequalified). Also, don't expect to submit and have accepted
a contract with a lot of contingencies.
This Homebuyers Tip was excerpted from:
The Complete Idiot's Guide to Buying and Selling A Home, by
Shelley O'Hara, Alpha Books, 1996.
ISBN# 1567615104
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