You have most likely heard the term "a seller's market." This means it's a slow market for a buyer, with not as much inventory or houses for sale to choose from. While the market is always changing and it's possible that more houses will come up for sale in a fairly short period of time, you might not be able to wait for it.
You can still find residential houses for sale in a slow market. It takes a bit of patience and research, but you can still find the right home for you. Here are some tips on finding residential homes for sale in a slow market.
Know The Market In Your Chosen Neighborhood
This will take a bit of research and asking questions of your real estate agent, but if you want to find residential homes for sale in a slow market in your chosen neighborhood, then you will need to know what that market is. This means you need to research what the asking price and selling price is for that neighborhood.
You should know what the property value is for those houses, when those houses' values might increase and what other developments or amenities are nearby that can make it worthwhile to buy there. Your real estate agent can help you with your research and guide you on the best neighborhoods to pick from.
Make Sure The Home Is Priced Right
While you can potentially negotiate a better price for you when you are looking for residential homes for sale, it's a better option to pick houses that are priced correctly. Some homes are overpriced, and their sellers might not want to budge on the price. Other homes might be undervalued on purpose to entice a bidding war.
Neither of these options might be a good fit for you. Instead, look for a home that is priced correctly. This means it matches the assessed value of the home, compares to others that have sold around it, and takes into account any renovations and the age of the home overall. It might be ok to check out and bid on a home that is slightly underpriced because it's possible the sellers might be willing to work with you on price.
Look For Buyer Incentives
Even in a slow market, some residential homes might sit on the market for a long time. In some cases, if a home has been sitting for sale for a while, a seller might offer buyer's incentives to place a bid. This could be brand-new kitchen appliances or new flooring installed before you move in, or it could be a long period of time before the closing date.
There are other sellers who offer incentives such as new furniture, light fixtures, and even short vacations to get buyers to bid on the home. Take a look around to see if any sellers are offering buyer incentives.
To learn more, contact a resource like Vickie Gallimore: RE/MAX Central Realty.