Are you timing the purchase of a home to when it favors buyers rather than sellers? If so, the process of buying a home may be a lot easier than it normally would because of these reasons.
Inventory is High
The real estate market favoring the seller means that there are more homes available than people interested in buying them. This results in buyers having a wide variety of homes available to pick from. More options are always a good thing since you can narrow in on a specific part of town that you want to live in or be a bit pickier in terms of what you are looking for in a home.
Sellers Will Be More Willing To Negotiate
Each month that a home is unsold on the real estate market is a month that the owner is paying for property taxes, utilities, and potentially interest on their mortgage as well. At some point, a seller will realize that they need to take an offer on their home or risk having it sit for more months without any potential buyers. This means that sellers will likely be more willing to negotiate the price of their home.
While a recently listed home may have a seller that wants to wait things out, a home that has been listed for a long time is very different. Home listings will show what date a home was put up for sale, and you can use this to your advantage. Sometimes sellers try to get around this by taking their home off the market and putting it back on, which resets the listing date. However, a good real estate agent will see these familiar homes and tell you that the owner may be desperate to sell.
Buyers Have More Time To Make An Offer
One of the nice things about a buyer's market is that you have more time to view a house and think about if it is one that you really want to make an offer on. As long as it is not a recently listed home, you won't have the threat of another offer coming in while you are thinking it over. This can make the home buying process less stressful since you do not have to make an impulse decision on your offer before you do some serious talking about it with friends or family.
Contact a real estate agent in your area for help navigating your search for single-family homes.