A Buyer's Market doesn't mean FIRE SALE for Charleston, WV homes! As with all markets, the housing sector has it's ups and downs. Supply and demand. When there are more buyers than there are sellers, we have a Seller's Market. Housing prices head upward as more people are trying to buy fewer homes.
On the flip side, when we have more Charleston WV homes than we do buyer's, prices drop as we are in a Buyer's Market.
What this does not mean is that every single seller is desperate and will accept offers of 50% off the current list price. This does also not mean you can throw super low numbers at banks and pick up foreclosures for pennies on the dollar.
Yes, there are sellers who are desperate and will take crazy lowball offers. They are present in every market condition.
Yes, banks do not want to hold onto homes any longer than they have to, but in the same manner they are trying to minimize their losses. Selling a home for .10 on the dollar, does not achieve that.
Simply stated, a buyer's market is a cooling down period and prices return downward to a more normal level.
If you are looking to buy a house, now is a great time, but don't give up if all your low offers are rejected. Consult with your REALTOR and ask them what they believe an acceptable, realistic price would be!
If you need a REALTOR in the Charleston, WV area, I would be happy to assist you in your home buying (or selling) needs! Please call me at (304) 741-4705!
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