While it is a buyer’s market, there are encouraging signs that indicate the worst may be over with the housing crisis for Essex County Real Estate. In today’s real estate market, where the is so much inventory to choose from, prices still very affordable, low interest rates and often desperate sellers, it’s a good question to ask: do buyers have all of the power? The answer is yes and no.
Certainly, today’s buyer is aware of their unique role. When negotiating to buy a home, it’s natural to bargain to get the lowest possible prices. When a home has been on the market for months with nary a bite, a potential buyer is aware of this information and rightfully will use it to their advantage when making an offer. Not only that, but eager sellers are often throwing in incentives to seal the deal. Because of this, for the past several years, qualified buyers have been privy to some excellent deals.
But not all Essex county real estate is created equal. Well-priced homes in desirable neighborhoods with quality schools and shopping, are creating much interest and often several offers. So buyers beware: Not all neighborhoods are selling at bargain basement prices.
For sellers, if you should decide to sell your home, it is more important than ever to make sure that your home is not only priced to sell, but also in good to excellent condition. All steps should be taken to ensure that your property rises above the rest in your price category. There are fewer negotiations when a buyer knows others are interested in your property.
For buyers, the economic downturn has created much more difficultly in securing financing. Many buyers are finding that loans are difficult to get. The paperwork is bigger and the down payments have increased. No longer are there loans available for those with poor credit and no money down. For many buyers, these factors have made it impossible to purchase a home for the time being.
Regardless, talk to an Essex County real estate expert to find out how you can buy or sell a home and get the most value.