Sellers have ruled in the last few years but 2006 transitioned into a Buyer's Market, giving buyer's in 2007 the upper hand with low interest rates and more more flexible sellers. So, how do buyers negotiate the new landscape of a Buyer's Market? Here are some tips for maximizing your position.

1. Look at everything.
Let your Realtor know that you want to consider all your options, including not only, homes listed for sale with real estate companies, but also, for sale by owners and foreclosures.

2. Don't flip it.
In a strong Seller's Market with rapidly increasing property values, buyers could buy a home and turn around and sell quickly with a nice profit to move up to a larger home. In a Buyer's Market, appreciation slows and buyers need to hold on to a property longer to be able to see a profit.

3. Don't rush.
In the recent Seller's Market buyers were having to make snap decisions. Any hesitation and the property would be sold to another buyer. Now inventories have grown, market times have increased and there is no need for snap decisions. Buyers can now take their time, do their homework and feel comfortable in their decision to buy.

4. Negotiate perks.
Sellers have gone back to negotiating closing costs, home warranties, and throwing appliances to get their homes sold. Don't hesitate to ask for items that are not being offered up front.

5. Shop for a mortgage.
Have your agent recommend a number of reputable lenders in your area and shop for the best program that suits your needs. Also, get pre-approved prior to house-hunting. this will give you more leverage when the right home comes along.

If you have any questions about buying a Ringwood home in a Buyer's Market, please give me a call, 973-945-1070. I'm glad to help.