If you are planning to buy a home, the best time to do so is when you have a buyer's market. When the number of home sales fall, home prices tend to fall as well. A buyer's market exists when there are more homes listed for sale than there are home buyers. Usually, houses will take much longer to sell in a buyer's market. In 2014 in Jamaica, we definitely have a Buyerâ€™s market! It is always easier to negotiate a better deal if the home has been listed on the market for a long period of time, and the seller has already tried reducing the price of the home yet failed to sell it.
In a buyer's market, the sellers generally have a difficult time selling their home, so sellers tend to be more flexible and willing to work with the buyer in settling on a price because they know that there is a good chance that they may not receive another offer. Buyers will have more bargaining power and sellers will be more likely to compromise in negotiating the deal for your home purchase.