Real Estate - Hurry, It's a Buyer's Market!

Good morning all!


I hope all is going well in your world.


Well, I just wanted to touch base with you all and give you my .02 on what I'm seeing out in the real estate world.



It's definitely a buyers market. 75% of my recent deals have been purchases. The "bubble" hasn't exactly popped (more fizzled), but a slowdown and correction is definitely upon us and deals are popping up everywhere.

That combined with interest rates coming down a bit in the last few weeks has really re-sparked the buying mood. The difference these days are most people buying homes now are actually going to live in them (speculative buying is sooo 2003 : ))

Sellers are starting to get really motivated as their properties have been sitting around on the market forever, and throwing everything into the deal just to unload them.


Here are just a few incentives that sellers are offering these days:



1) Moving Costs

Let’s face it; it’s not cheap to move. These costs can consist of renting a truck, hiring helpers, paying for boxes, hiring a clean up crew and of course, time. All in all, it can run you a few hundred bucks easily. A great incentive when you consider this is an expense that is almost always overlooked.



2) Furniture (or anything else that’s presently in the home)

Hey, people have cool stuff, and sometimes it’s easier for them to just leave it. I’ve personally seen everything from 3 piece leather couch sets to plasmas left behind….yeeeah!



3) Closing Costs

The biggest and best incentive of them all. We’re talking thousands here…easily 7 to 15K. Obviously, everything is dependent on the amount of the loan, lender and title/escrow fees. This alone would be a great incentive.



4) Association Costs (HOAs)

These are monthly dues typically associated with condos and townhomes, but single family homes can have association dues as well. These monthly dues pay for basic maintenance and upkeep, and in some cases water and garbage. It can run you anywhere from $3500 to $5000/yr.



5) Cold Hard Cash

For the real motivated sellers, they don’t hold back and offer the one thing people can’t resist – CASH! You could use it for any of any of the above or use to fix up the place, or even just lower the actual sales price. Personally, I’d take the cash. 10K either way won’t make a difference (discounted price or added to your balance), so go for it!





Sellers are out there waiting for buyers! Every weekend that passes without an offer is feeding their motivation. Some sellers who have not-so-savvy agents, don’t know how to offer these incentives, so sometimes you just have to ask.



Bottom line: It’s a buyers market and there are deals to be had.



Have a great day!


Al