As the housing market starts to cool, more homes are surfacing on the market with fewer buyers looking to purchase. Houses typically take longer to sell when the real estate market is considered “cold,” meaning that potential buyers often luck out with some good deals. A cooling housing market also gives sellers time to regroup and try new techniques to make sales.
Here are some surprising benefits of a cooling housing market for both buyers and sellers.
Buyers See Lower Prices
In cold real estate markets, sellers receive fewer offers on their home. Because of this, they are more willing to make a deal and accept your purchase offer to sell below asking price. For buyers, this could mean getting your dream home at a lower sales price than anticipated.
Sellers Spend More Time Preparing
A cooling housing market might mean fewer offers on your home, but with patience, you can still make a sale. Due to the selling process notoriously taking longer in a cooling market, sellers can focus on truly getting their house in order for a sale, from applying expert staging techniques to deep cleaning and organizing the home. If your home needs work in order to sell, a cold market provides you with ample time to prepare it.
Buyers Gain More Control
Negotiating becomes a bit easier for buyers in a cooling housing market because they can ask sellers to pay for closing costs and request special inspections and home warranties. Buyers might have an easier time requesting repairs and extending closing deadlines if a seller is eager to sell after months of being on the market. Buyers may also find success with contingent offers.
Sellers Still Make Sales
With a willingness to negotiate, sellers can make the sale in a cooling housing market. Sellers may need to readjust their prices a bit to make sure their home does not stay on the market too long and become a stale listing. Accentuate your home’s strengths to better negotiate with buyers in a cooling housing market. As other sellers take their home off the market in fear of a cooling market, you could end up getting top dollar for yours if someone is looking for an immediate move.
If you are thinking about buying or selling a home and are nervous about the cooling market, contact Jeff Hammer at Southside REALTORS today!