1. Sale Price - Not only are the prices of homes dropping, but it is not unusual for buyers in this market to offer 10-15% below the asking price for a home, and to get it! Sellers are much more willing to negotiate now than they have been in years, putting buyers in a position to buy homes that they simply could not have afforded in the market conditions that existed a few years ago.
2. Time - Since there are fewer buyers in the market today, there is less competition to make an offer quickly on a property that is of interest. Properties are staying on the market much longer, allowing buyers more time to look at a number of properties without feeling pressure to make a quick decision.
3. Financing - RATES ARE LOW. Great rates are available, and mortgage professionals are more service oriented than ever. Most mortgage professionals are available 24/7 to their clients to answer questions, give advice, and research the best alternatives to achieve the lowest rate possible. 100% financing is still available to qualified buyers who don't have a down payment. In addition, there are more and more programs available to assist first time homebuyers.
4. Inspection Concessions - Once they have a buyer, a seller does not want to lose them. After the home inspection, buyers in today's market are able to bring any and all concerns that they have to the sellers attention, and in most cases – the sellers will fix the problems, cutting the costs (and the headaches) for the buyers when they move into their new home.
5. Closing Costs - It is not uncommon in this market for buyers to ask sellers to pay for their closing costs. In many cases, buyers are able to get $5,000 worth of their closing costs paid for by the seller, enabling them to use that money to increase their down payment, purchase appliances, or make improvements to their new home.
If you are considering buying a home, now is the time.