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How to Navigate a Buyer’s Market

The best time to purchase a home is during a buyer’s market. This is when there are plenty of homes to choose from, fewer folks competing over them, and prices are falling.

Buyers may be able to negotiate more with sellers in a buyer’s market, asking for lower prices, closing cost assistance, and costly repairs.

However, move-in-ready homes with curb appeal that are priced right and are in desirable locations may still sell for over the asking price.

That’s why it’s good for buyers to come to showings armed with a mortgage pre-qualification or pre-approval letter, which lets sellers know how much you may be approved to spend on a home.

“Buyer’s markets still could come with competition,” said Ralph DiBugnara, a regional vice president at New American Funding. He is based in Edgewater, N.J. “So, it’s important to know what you want to spend.”

Ralph DiBugnara NMLS # 19269