Taking Advantage of a Buyer's Market
It all comes down to one sentence. "The best real estate bargains always occur in buyers' markets."
This is an environment in which you can take your time, shop the market, and negotiate your offer carefully. Make sure you contract with a thorough home inspector, and don't feel shy about asking the seller to remedy any problems found. Ask your realtor for a feel on how much below the asking price homes in your area, on average, are selling at.
As we've mentioned in other articles here, sell your present home and have your financing in order. If the home you're interested in has been on the market for a long time, you'll be in a strategic position to make an offer that can save you a good deal of money. The beauty of a buyer's market is that all of the strategies that win you a bargain are easier to implement. It's the perfect environment for a great bargain.