Buyer's market is where there are a big number of Seattle homes for sale and only a few buyers. If this number has been continuously rising, then the days on market have probably been increasing, putting buyers in a desirable position to negotiate. There are a lot of things you can do to write a purchase offer to your benefit.
Approximately 80% of buyers nowadays, in which you may be included, begin to search for a home online. What many of you don't know is that the information you're viewing might be dated; some agents leave sold and expired listings as active. It's advisable to ask your real estate agent to have your e-mail address registered so that you can get new listings and changes of prices in the Multiple Listing Service (MLS).
Most buyers like to offer less than the price asked by the seller. If you're like this, you might fail to have your offer accepted if the property has just been listed. Because of this, you should look at homes that have stayed on the market for at least one month or those that have their prices recently reduced. Sellers of such properties are likely to consider all offers.
After you have found the property you want to purchase, you should ask your agent to give you a list of homes in the same area that are similar to the one you have chosen. The list must include the age, address, lot size, square footage, sales price, and bedrooms and baths of the house. Make a comparison of all the data you have in your hand.
You are in control if you're purchasing in a buyer's market, so you should ask for contingencies. Make your purchase offer contingent upon the appraisal at the price agreed upon by both parties and on the getting of your loan. Ask your real estate lawyer or agent if you can request a loan contingency to give you protection throughout the buying process until closing. You should also ask for a rational period of time to do home inspections. In contingency periods, buyers normally can back out from the purchase without risking a down payment.
Closing costs, such as property taxes, title insurance, escrow, or recording fees are generally paid by the buyer. However, in a buyer's market, you may ask the property seller to pay for these expenses, which can add up from 1% to 2% of the price. You should ask your agent about these costs and whether they can be negotiated. Ask the seller to finance these expenses if they are negotiable.
After you have conducted home inspections, you may renegotiate the price or request for a credit against the closing expenses if there are minor repairs needed for the home; most purchase contracts give buyers the right to back out from an agreement if the inspections conducted reveal defects that are considered unacceptable. However, you should remember that you should not ask the price to be reduced if the deficiencies were obvious when you first saw the house as the seller may not want to negotiate with you if this is the case.
Lastly, it's advisable to shorten the acceptance period as there's no reason to give more than a day to the seller to decide about your purchase offer. Your agent may even ask for a decision at the same time your offer has been presented if they are meeting in person. There are many other homes in Seattle real estate so it's just reasonable to get a fast answer.
Sarah S. Daniels is a freelance writer who specializes in writing content about real estate, business and investment. Check out great Seattle homes for sale and Seattle real estate listings.
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