Buying Strategy in a Buyer's Market

Homebuyers are getting the big breaks in an increasing number of U.S. markets, says Tom Early, president of the National Association of Exclusive Buyers Agents. But even as the market shifts to favor buyers, to get the best deal, buyers should take the right approach.

Some advice from Early:
• Tell your buyers to stifle the guilt. Remind them, if the shoe were on the other foot, the seller would show no mercy.
• Be patient. In slow-moving markets, it is sometimes a good bet to simply wait until a seller sees the light and drops his price.
• When a seller drops the price, it may be a signal that he is facing a deadline and will negotiate still more.
• Take advantage of a buyer’s right to a home inspection. The buyer may find an issue that can be used to his advantage in gaining concessions.
• Insults don’t work. Wounding the sellers’ pride in their home is never a good tactic.
• Also, making a ridiculously below-market bid may shock the owners into refusing to talk anymore.

Source: The Miami Herald, Ellen James Martin