It’s a familiar terms, but what does it really mean? How does it happen? And, most important, how can it be best exploited to your advantage?
Put simply, a ‘buyers market’ exists whenever market conditions heavily favor the buyer. The situation typically begins with reduced housing demand…leading to reduced home values and prices. A gradual reduction in sales puts ever more homes on the market, and for longer periods of time. This in turn leads to a still further drop in demand…and round and round it goes, for some unknown length of time.
Exploiting the present situation to the buyer’s advantage is all about a single factor – timing. Many savvy buyers now agree that the very best time has arrived and are making their moves; in fact, they know that waiting can indeed be very, very costly because the market can turn with surprising speed.
So don’t wind up waiting too long – then missing and regretting forever – what may well have been your bargain of a lifetime. As the song goes, ‘These are the good old days…’ And indeed they are.