Regardless of the causes, most areas around the country are experiencing what is commonly referred to as a “buyer’s market.” That term might make sellers squirm, but for those purchasing a home, lower prices are just the starting point for negotiation these days.
During the recent “boom” years, buyers often accepted a property “as is,” and asked for few concessions, even forgoing inspections and appraisals in an attempt to avoid being dumped for the next qualified buyer in the queue. Now, however, buyers are in the drivers seat and they know it, insisting on a variety of terms in their offers.
The most popular demand now seems to be the “home warranty,” whereby the seller purchases a one-year service contract to cover any unexpected system and/or appliance repairs. Of course, this is on top of insisting that sellers pay for all needed repairs exposed by an inspection before closing, or at least an allowance paid to the buyers to cover the expenses.
Just one inspector doesn’t seem to be enough, either. Now buyers are looking more closely at lead and radon levels, roofs and foundations, and looking into inspectors who specialize in these areas. Sellers find they need to be more flexible, or the buyers will simply move on to the next seller in the queue. Now is the time to boost your purchase power.
