Finally, as less houses are selling there is more of a demand for properties. While the rental market increases, it is now forming a buyers market. For months sellers were able to price their homes above market prices and often received close to asking prices if not more. Most buyers have held out and are now waiting to take control as houses stay on the market longer and prices of the properties are decreasing weekly.
So what does a buyers market mean? According to Redfin "A buyer’s market occurs when the supply (available homes for sale) exceeds demand (the number of buyers seeking to purchase homes). If you’re buying a new home, a buyer’s market is the ideal time to make your move. You might be able to buy a great home for a lower cost than you would in a seller’s market.
If you’re trying to sell your property in a buyer’s market, your home may remain on the market longer before you’re able to secure a buyer due to the large number of available properties. You may also have to lower your listing price or make other concessions in order to secure a buyer."
Also in a buyers market you can probably buy 2 homes and not just one if the cash is available. You might have to hold on to them if you can buy them low enough until the market increases. This is also, a great time to buy multi-family properties to gain that passive income over the next few years until the market spikes.
If you have questions, regarding purchasing in a buyers market email me or call 516-385-1880.