photo credit: etohaholic

It’s a buyer’s market in real estate.  We’ve been hearing this phrase for over a year now.  And it’s true.  If you’re a buyer, there are some good deals out there.  You’ve probably heard the stories of people buying wonderful homes for pennies on the dollar.  A few of those stories may even be true.  But they are the exception, not the rule.

Short sales and foreclosures can be a great deal for buyers.  And many buyers are tempted to give low-ball offers to get the house at a steal.  This might be an OK strategy if you’re buying investment property.  But if you’re looking for a place to live don’t let the lure of getting a killer deal make you forget what your goal is–to find a house you’ll love to live in.

In some Kansas City neighborhoods buyers are having to compete for homes.  Sometimes giving a low offer means losing out to another buyer.  I’ve heard of people offering $50K less on house after house until someone accepted the offer.  But what good is a screaming hot deal on a house that’s just so-so for meeting your needs.

Right now is probably one of the best buyer’s markets we’ve seen in a long time.  And “experts” say that we’re probably at the bottom.  The advantage to you as a buyer is a great selection of homes from which to choose.  Spend the time to find a home that you love.  And when you find it, negotiate a good deal.  But in the end, make sure you buy the home you love and not something less that’s a “great deal”.