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.
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