These four tips will ensure that you get the best deal possible.
How do you get a good deal when buying in today’s market? It’s a question I get asked a lot recently, and no wonder—the real estate market is shifting rapidly. Many of these same buyers were looking unsuccessfully when interest rates were at 3% and now find themselves in a market with 6% to 7% rates. These four tips will help make sure that you’re getting the best deal possible:
1. Avoid new-to-market and off-market listings. You want to stay away from homes that have just come on the market and from off-market listings. These homes are going for relatively high prices, and homes that have been on the market longer are going to have sellers who are much more open to negotiation.
2. Be flexible with timing and condition. There are many homes on the market that are 80% or 90% perfect, and they are going for incredible deals right now. Try looking for homes that might require a little paint or carpeting. Also, be willing to negotiate on things like rent-backs and convenience for the seller. Being flexible in your terms can be a great bargaining point.
3. Take advantage of a home’s canceled escrow. There are many homes going into and falling out of escrow right now, which is an excellent opportunity for other buyers. If you find yourself the third or fourth offer down the list, stay in touch with the seller, and you might find that they are willing to shave off a few dollars to stay in escrow.
4. Work with professionals. Having the right local agent can make all the difference in whether or not you can score a good deal. They know what is happening in your neighborhood and can help navigate the market and negotiate on your behalf.
Remember, if you are looking for a great deal, and you think that I can be the help you need to get a good deal, let me know. You can reach out by phone or email, and I’d be happy to help you.