Real estate markets across the world have taken a beating like we haven’t seen in a very long time if ever. When Dubai is asking to delay its debt payments, you know things are tough all over. Well, it is tough if you are a homeowner or seller. For buyers, this is the market of all markets!

Why is this such a good market for sellers? Well, there are a host of reasons. The first is there is a glut of homes on the market. Better known as inventory, the surplus of homes drives down prices. Buying cheap is the way to turn a big profit, and there are simply a ton of quality homes on the market that are selling at cut rate prices. The second reason is sellers are highly motivated to move their properties. They may be facing financial problems or just need to chase a job to some other location. Regardless, a buyer holds all the leverage in negotiation.

This doesn’t mean that you should ignore the tried and true rules of real estate. They still apply. The first among them is location, location, location. Make sure you buy in a good area, but carry the concept one step further. Always try to buy the cheapest home on the block if it can be improved to the level of quality found in other homes. This will allow you to apply your style to the home during improvements and reap the reward of added equity.

Another key aspect of the buying process is your loan. Banks are a mess these days. Making an offer on a home without financing locked in is just crazy. Banks are risk adverse these days. It can be difficult to find a loan even if you make a bundle and your credit is stellar. Make sure you get pre-approved in writing for a loan. Avoid pre-qualification, because it is not binding on a bank.

The real estate market is often touted as one of the worst in the history of the country. The truth is it is one of the best for buyers!

Raynor James writes for FSBOAmerica.org – view or list FSBO real estate across the country and internationally.