Buyers have more power now when Home Shopping

The Los Angeles Daily News recently wrote an article about the shifting tides of power from Seller to Buyer in this Real Estate market.  The essence of the situation lies in prices increases which, in our opinion, were based more on momentum, lack of supply and low interest rates.  Prices have without a doubt plateaued and homes with any kind of inherent defect are sitting on the market until the seller adjusts their expectations to meet the reality of their property and its true market value.  A well educated buyer takes time to create.  As a buyer, you must keep track of the homes that hit the market within your desired characteristics, the asking price and eventually the selling price.  Homes are not always listed at their market value and can be listed at or above their potential either by mistake or as a marketing tool.  Buyers should not believe in always bidding under the listed price.  An offer price should be based on comparable sales and reality.  Your agent should be able to help you make a reasonable offer.  Remember that whatever home you but, you will be the highest offer made for that home.