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Timing is everything.
The best time tobuy a homeis when its a buyers market.
But how do youknow if youre in a buyers marketor not?
We spoke to experts who identified a few ways to tell.
Thats the classic sign of a buyers market.
Your chances of finding the right home at a price youre comfortable with are much higher.
Theres also more competition among sellers.
This can mean prices go down even more and its easier for you to negotiate.
This means you could strike a favorable deal because the seller doesnt have a whole range of other options.
And when there are more homes on the market theres less pressure on you.
That means that homes tend to stay listed for a lot longer.
This might give you a lot more leverage when its time to negotiate.
Instead, use sites like Zillow to see how long a property has been available.
Prices Are Low
Low prices are one of the big advantages of a buyers market.
That will also make it more affordable over the long run.
Mortgage Rates Stabilize or Fall
In a buyers market, mortgage rates dont keep going up.
Theyll stay where they are or even drop so that more people are encouraged to enter the market.
Lower rates make it more affordable to finance a home.
Your monthly mortgage payments will also be lower youll pay a lot less over the life of the loan.
So you might see homes where theyve gone all out on renovations, new appliances or fresh landscaping.
They need to make their property more appealing to get you to look at what theyre selling.
They can also pay for repairs that need to be done before closing.
This is all in your favor because it means youre more likely to find a turnkey home.
Youll be able to move right in with little tono additional work.
That might mean things like covering closing costs, offering home warranties or includingfurnishings or applianceswith the sale.
All this will make buying a home a lot more attractive it means youre saving money on upfront costs.
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