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What is a buyers market? The definition (according to www.m-w.com) is: a market in which goods are plentyful, buyers have  wide range of choice and prices tend to be low

At the moment, high-season is only a memory. Tourist numbers have plummeted. Sales of existing homes as well as new units have been steadily declining in recent months. Construction of new homes continues at a brisk pace throughout Bangkok and Pattaya. New housing units reach the market every day, adding to an already copious inventory of houses and condominiums. What's a homebuyer to do?

But buyers need not to wait for projects to be completed. They already are blessed with a buyers' market which, by crude definition, is when there are a lot of homes on the market and very few buyers. That's Pattaya in a nutshell at the moment. The number of houses and condos on the market has been climbing in most neighborhoods' Sales have fallen significantly and if prices haven't been slashed they certainly have softened. All och which, to quote Khun Supaporn, puts "buyers in an enviable position o negotiate even better deals"

Here is how you can take advantage of current market conditions. Ask your real estate broker to send you an email daily reflecting all new listings and any price reductions or increases on existing listings.

Keep an eye on new listings, but don't expect to be able to low-ball these sellers. Instead, visit homes that have had recent price reductions or have been on the market for at least 30 days or more. These sellers are more likely to be receptive to a low-ball offer.

When you find a home you want to buy, ask your real estate agent to provide you with a list of similar homes listed or sold in that same area over the last six month. Ask for specifics such as the property address, age of the structure, square meters of the condo or of he house as wel as the property, number of bedrooms and baths, asking price and selling price.

In a buyers' market, you are in control. When you write your offer, ask for a reasonable period to conduct inspections and ensure that you have the right to cancel the sales contract if the home inspection reveals repairs or defects that are unacceptable to you. Include in your offer a clause that will allow you to back out without risking your initial deposit and ask for allowance to cover things you will wan changed. For example, if you love the home but you don't like the color or condition of the tile floor, your offer should ask the seller to give you an allowance for a new tile floor.

Are you facing any fees related to your purchase? Taxes, insurance, recording fees? In a buyers' market, you can ask the seller to pay those costs.

All buyers should bring in an expert or two to inspect their new property as thoroughly as possible. If any or many major flaws are revealed, you might want to cancel the contract. However, if the repairs are minor, you might want to renegotiate the sales price or ask the seller to replace or repairs necessary. In any event, do not ask for a price reduction if the flaws were evident when you first saw the home.

Sellers realize that in a buyers' market they often must give a little something extra to the buyers in order to encourage a sale. Don't be afraid to ask for something you want and for something you don't want. Do you like the sellers dining table? Antique cabinet? Oversized fish tank? Ask for any or all of those items in your offer and use them as negotiating tools. Often this draws the sellers' thoughts away from price and directs those thought toward the personal property. If the listing stated the washer and dryer are not included in the sales price, ask for them. If the seller balks, tell your agent to say, "OK, if we leave the washer & dryer, are you then ready to sign the offer?"

Then don't wait too long for the seller's response. In fact, there usually is no reason to give a seller more than 24 hours to make a decision about your offer. Particularly in a buyers' market. If your agent is presenting the offer in person, he or she may ask for a decision upon presentation. your clear-cut offer deserves a clear-cut quick response.

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