By Amy Hoak
RISMEDIA, September 17, 2010—(MCT)—As the economy continues to suffer and home prices continue to fall, numerous Americans across the country are staying away from the real estate market. But, if you are looking to take advantage of the opportunity of a lifetime, now is the perfect time to get off the sidelines. Playing by your own terms may be the name of the game today. Ask for price reductions, improvements, closing costs—whatever—and sellers, who are desperately trying to get a contract, are very likely to work with you, said Jay Papasan, one of the authors of the book Your First Home.
If all the pieces are in place—you’re qualified to buy a home, the purchase makes sense for your situation and you’re prepared to live in the home for at least five years—according to Papasan and the experts at ForSaleByOwner.com, the following reasons should be motivation enough to get you back in the market.
1. You have a large inventory to choose from
In many places it is taking months to sell a home, which is creating a lot of inventory for those looking to buy. A large selection of homes on the market gives buyers more choices and drives down prices as well. And home sellers have gotten the picture—it’s fair to say that home sellers have become “increasingly desperate,” Papasan said. “People who have had for sale signs in the yard for six months are starting to become in tune with the reality of the situation,” he said.
2. Builders are offering big discounts
Homebuilders are getting even more aggressive with their pricing today. In fact, Eddi Fadel, author of