A Buyer’s Market
Brings Many Benefits
In the seller’s real estate market of recent years, buyers often found I themselves embroiled in costly bidding wars or saw offers rejected if they asked for a home inspection. No wonder so many people are cheering the return of a buyer’s market.
In reality, a buyer’s market brings benefits to both buyers and sellers — by increasing the affordability of homes as well as the number of potential purchasers. It also lets buyers conduct the due diligence they often had to forego in the past.
While due diligence has been a common practice in commercial real estate for many years, the concept is also catching on in the residential arena. Five simple things every homebuyer should do include:
1. Get an inspection. Every home has flaws, but an inspection will uncover serious defects that can be addressed with the seller or alert you to minor fix-ups you’ll need to tackle.
2. Also ask your inspector for a neighborhood environmental report that provides information about nearby landfills, hazardous waste sites, or other possible risks.
3. If possible, meet the neighbors. At the very least, walk around the neighborhood to get a “feel” for the surrounding area.
4. If you have kids or plan to have children, tour the local schools and meet with administrators.
5. Drive through the neighborhood at different times. You may not be bothered by a nearby train crossing or manufacturing plant in the evening, but noise levels could become unbearable during the day.
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