Benefits of buying in a downturn

When the property market heats up, there's a rush to get in and not miss out. But what are the benefits of going against the flock?

Here are some considerations for buying in a cooler market:

1) Better choice - With more listings on the market means buyers have a better selection to choose from.

2) Less competition - with fewer buyer to compete with you might just secure a property you otherwise might not have in a hot market.

3) Lower prices - with less competition there's less chance of being outbid. Buyers can purchase at a lower price and even below the asking price.

4) Favorable contract negotiation - with fewer competitors, buyers can ensure contracts are weighed in their favor.

 

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