Buying in a Slow Real Estate Market---Silver Lining

Real Estate in Oklahoma covers a very wide price and value spectrum, from $1 million + homes in the Gaillardia addition in Edmond, to $25,000 "fixer-uppers" in South OKC.

Typically, during a hot market when properties are getting multiple offers and some are even contracting at above asking price, buyers tend to be a little less discriminating and spend a little less time researching the property and the neighborhood. This is fine from the seller's perspective, but here are a few issues that this can cause on the buyer's side:

Buyers will ignore or not even look for maintainence issues

Buyers will tend to offer full asking price from the start

Buyers will not be able to tell what neighborhoods typically perform better than others

From the Seller's perspective in a hot market:

Sellers usually won't accept any offer below asking price

Sellers are much more resistant to fixing things

Sellers generally won't accept extended contracts.

Now, what does all this point to?

A buyer who acquires property during a slow market:

Is much more likely to be able to get a bargain price

Has a much better chance to talk the Seller into fixing things

Is more likely to take the time to identify the items that need to be fixed in the first place

Will most likely get a more affordable Homeowner's Insurance policy

Is more likely to be able to identify neighborhoods that sell slower or faster than others.

In all, buying in a depressed market is more likely to lead to acquiring a better quality property in a better quality neighborhood that will be easier to sell later on if necessary.

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