Buyers must adjust to changing real estate market

Don't overlook defects, power of negotiation

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

This new, more balanced, housing market calls for a new set of operating instructions for home buyers. No longer do you bid over the asking price just to have a house. The days of overlooking severe defects just so you can get your offer accepted are gone. To be successful in today's market, home buyers need to be prepared, plan carefully, embrace negotiation and exercise patience. Foremost in most buyers' minds is a desire to pay a fair price and not a penny more. This is a legitimate concern and makes it essential that you do your homework before you buy. To keep from overpaying, you need to research the local market carefully. Find out how quickly listings are selling. Are they selling over the asking price, or are prices being discounted? This will vary from one area to the next and even from one price range to the next. Ask your agent to prepare a market analysis on a property you're interested in buying before you decide what to offer. Concentrate on the most recent sales, whic...