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Buyer Tips
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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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