How to Find a Scary Good Deal in a Hot Market
We’re embracing the holiday with some scary good advice…
With the bidding wars of today’s hot market, it can be hard as a buyer to not feel completely….SPOOKED. We have some logical tips to help you find a bargain in a seller’s market. MUA-HA-HA.
Let the market speak, but pay close attention.
Ever wonder why a property has been on the market for a long period of time? The reason is often that the market has spoken and buyers do not like something about that home. It could be the price, a busy street or something that warrants disinterest in the home.
However, occasionally the reason is something much more trivial, which presents a good deal in hiding. Examples like minor condition issues (paint and carpet) will scare some buyers away. But if you’re willing to put in some elbow grease, these properties can present opportunities for you to snatch up some extra equity on the front end.
That being said, don’t be afraid to view a property that’s been sitting on the market. Walk on up and ring the doorbell, trick-or-treat!
2. Think like a Developer, then look in your own backyard
Real Estate developers are cool and collected when making decisions. They think about profit and ROI.
Buyers on the other hand are the opposite-highly emotional decision makers. Understandably!
Invite in some self awareness regarding your emotional state when house searching. Finding a deal requires ice in your veins. Drop the emotion and run strictly by the numbers, looking for properties that are distressed in good neighborhoods.
Now you might thinking, ‘those deals get swooped up by developers before I have a chance’. And in many ways, you are correct...so start looking in your own backyard.
Developers are copycats and most often they only know their own market. If you start to see some disparity in prices in your own neighborhood, it just might mean there could be some opportunity to be excavated right next door.
3. Look for motivation
Key indicator = Price reductions!
Multiple price reductions in the first 30 days can be an indicator that you have a motivated seller on your hands.
Make an offer and find out how motivated they truly are!
We hope you have a Happy Halloween and now have some tricks up your sleeve to spot a scary good deal!