How to Buy A House In Flooded Market?Last Revised on January 11, 2008
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How to Buy buy house in a market where there are lot of sellers?
Negotiate, negotiate. As a buyer you are looking for the best price you can get the house to own. Therefore, the best way to do it is through negotiation. Don’t just rely on the price seller has laid upon you.
Don’t assume further market drops. A lot of buyers are noticing that the housing market is down and they can get a good deal on houses. But you shouldn’t wait for the cheaper and cheaper; the housing market can rise anytime.
Keep resale potential in mind. Keep in mind that you might not be staying in that house forever; you may move to another city or even buy a bigger house. So think whether the price you are paying for the house will pay off when you move out from that house.
Look beyond outside cover: Don’t just look at the house from outside how attractive it looks; the main asset is inside. If the house needs a lot of modification inside, it could probably cost almost as half of the amount of money you paid for the entire house.
Consider off-peak sales seasons. Look at the housing market like a professional. Sell when there is not many sellers are selling their house.
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