Real Estate Buying process, Is it a Buyer Market?

The general consensus about the current real estate climate is that it’s a “buyer’s market.”

Last year saw the number of home sales in the Warwick area up dramatically over the previous year, and this year looks to be no different, based on first quarter activity. And with more homes now starting to come on the market as the weather warms, the next few months are going to provide prospective buyers with a wide inventory of homes to choose from.

Coupled with record-low interest rates, it’s a buyer’s market indeed (although sellers also benefit with more buyers out there, and homes selling faster than in recent years). But remember, you’re still very likely going to pay fair market value for a home, which is based on current market conditions.

However, those conditions are benefiting the buyers, as average home sale prices declined a few percentage points in the Warwick area over the past year – and this trend will likely continue this year.

A seasoned real estate agent who is knowledgeable about the local market is going to advise you with examples of comparable sales in the area over the past year or so, in order to provide you with realistic expectations of the fair market value of a home you’re interested in making an offer on.

This will prepare you for what to expect when the negotiation process begins – and will go a long way in helping you to secure that home you’ve fallen in love with.

By Dean Diltz, Associate Broker, The Green Team Home Selling System