Writing Offers in a Buyer’s Market in Eagle Mountain, Utah
A buyer’s market in real estate means that there are a lot more homes for sale than there are buyers looking for homes in Eagle Mountain, Utah. Thus, in this type of market, the buyer is in a very good position to negotiate with sellers and come up with a very good deal. Here are some tips you can use when you are writing a purchase offer for a home in Eagle Mountain, UT when there is a buyer’s market prevailing.
Look at updated listings in Eagle Mountain, Utah
Before you write your purchase offer for your dream home in Eagle Mountain, make sure you look at updated listings. You can easily find these online. If you want, you can even ask your real estate agent to register you on mailing lists so you can receive regular updates. Request a daily list of homes for sale in Eagle Mountain from Team Teasdale Realty.
Look for Price Reductions and long DOM in Eagle Mountain, Utah
You will not be able to negotiate easily with a seller who has just listed his property even in a buyer’s market. You will have better luck and much more leverage negotiating with a seller who has already reduced the price on his listing in Eagle Mountain, UT or one that has a long DOM (Days on Market). A seller with a property that has a DOM of more than 60 days usually is more receptive to negotiation. A home that just landed on the market tends to be more firm with the price.
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Look for comparable listings of homes in Eagle Mountain, Utah
When you find a home in Eagle Mountain Utah that you want to buy, look for homes like it that have sold recently or within the last six months. You should also look for active listings and those that are pending sales. You can usually ask Paul with Team Teasdale Realty to provide these for you. This data will help you determine how much you should offer for the home and you can use it as a negotiating tool too.
Detail Contingencies for properties in Eagle Mountain, Utah
Since you are in a buyer’s market, you will have more control over the transaction than the seller. Thus, you can add a contingency clause in your offer about the appraisal of the property in Eagle Mountain and about the loan you have to make for the purchase. It is normal to ask for an appraisal and financing contingency. It is very common to also ask for a due diligence period to inspect the home. All these contingencies are very common on homes in Utah County. You can even include contingencies regarding physical inspections of the property, insect and pest reports, geological reports, and title approval. You should of course consult your Realtor about how to include this.
Ask for allowances on the home in Eagle Mountain, Utah
If you happen to find just the right home in Eagle Mountain, UT but you have some reservations about it – you don’t like the paint job, the carpeting, etc. – you can ask for some sort of allowance from the seller. For example, if you don’t like the paint job, you can ask for a “repainting allowance”. It is very important though that you consult with your lending agency about how you should include this kind of clause in your purchase offer. You should be able to write it in a way that will be accepted by the lender. You can even ask for an allowance that will cover more than the repainting job would actually cost. Remember, it is an extra hassle on your part to get a repainting job done. Furthermore, remember that you are in a buyer’s market. Many lenders will not allow allowances on homes. This was more commonly done before the real estate meltdown five years ago.
Put yourself in an excellent position to negotiate on a home in Eagle Mountain, Utah. Hire a Realtor to help you write up an offer on a home in Utah County. Call Team Teasdale Realty they work in the Eagle Mountain area and would be happy to serve you.
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