Posted 16 days ago

Great negotiation points for lowering buying price in 2020

To be honest, I'm most likely going to buy in Feb/March of 2021, after compiling this list. However, these are the negotiation points I'll use if I find a home I can't pass up (in addition to my "numbers" analysis):

  • *   I'd want renters right after closing on a deal: it's harder to find renters Nov-Jan of any year, and easiest to find renters from May-Sept (especially springtime). So in a perfect world, I'd close on a home right as candidates are looking for a place to rent.
  • *   I wouldn't have as many protections as a landlord right now: With the national eviction moratorium in place until Jan 2021, I can't take the actions I need to when someone doesn't pay rent this year.
  • * I'll have better insight into renters come Jan 2021: After the moratorium, I'm betting a lot of evictions will take place. This will go on those renter's records (giving me better insight into stable tenants vs not as stable tenants that won't pay rent when financial times go through another downturn).
  • * Housing prices might drop in Jan/Feb: An influx of homes might come on the market due to evictions.
  • * I might have less competition in Feb/Mar: Many people will have already bought homes this year while the market was "hot" (they thought housing since they were spending so much time inside their house during COVID).

Overall, I think 4 months isn't a long time to wait to achieve those benefits. I'm betting that loan rates will stay relatively the same in that short period of time to continue stimulating the economy.

So what do you think? Will you buy now, or wait until a little later?