Bad News is Good News for Real Estate Buyers
This past week the stock market had an unexpected drop the last two days in the week. There are many claims about the cause and many articles have been written about it. For home buyers it’s all good news. Instability in stocks will make some sellers more motivated to lower prices.
One of the main claims for the stock market decline is that Greece may not be able to pay obligations due on May 16th. They are getting additional funding from the European Community. Prolonging a default is better than just allowing it, but if you are in the market for a home you should be aware that more financial turmoil is ahead.
When you structure an offer today you should be at least 10% below market value. You should be very careful that what you buy as solid value. Buy properties that have good sized lots, are built well, and are in good shape. There is a lot to chose from and inventory will increase in the next two months.
Most sellers are already aware that they have missed the market place for this year, so be patient.