Want To Get A Good Deal When Buying A New Home
Everyone looking for a home wants to get a great deal. You're not only buying a new home, but a place to live, a place to create memories, and all the fun and exciting things that will happen in a new home, you're also buying an investment.
The best ones go quickly. I'm sure you've noticed the house you like that are priced right are sold quickly. With a limited number of homes on the market, there a lot of people looking at the same houses so when a property first gets listed all the motivated buyers make a mad dash to see it, it's priced right it will get one or more offers quickly.
I often tell people. “You may have to pay more for a house you think will be gone tomorrow”. This becomes the mindset of a buyer who has been anxiously looking at buying a new home after searching for several months. They are getting tired of looking and don't want to compromise on their dream home. They start to get familiar with pricing and realize when a house is priced right because they have been looking a long time. They hope they will be the one to purchase that well priced house that just hit the market before anyone else. There seems to be a pent up buying demand like this now more than ever with the low amount of homes available for sale, what realtors call low inventory. Getting a good deal on a house is often being in the right place at the right time and being ready to pull the trigger when you see the right house. That includes having a pre-approval letter already in hand from a good lender.
I was showing some clients houses recently in the lower price range. What they want in their price range rarely exists and when it does show up, it may last a day on the market at most. Last week, the house I know they would like came on the market on a Friday. By Monday it was already sold. My clients were out of town weekend and missed out. If you want a good deal on a house, you need to be ready to go and see houses immediately. If you don't someone else is going grab them.
So what do you do?
1. Watch those newly listed properties like a hawk.
You can search Bellingham Just Listed properties on my website here. Your real eststa agent should be able to tell you if what you want and can afford are compatable. You want to watch for homes as they hit the market that are well priced and go and see them the day they go on the market. Your real estate agent will also know a good value when it hits the market and will also be looking for you.
2 Catch A Property Right Before A Price Change.
Lots of sellers will overprice their home to "test the market" when it first comes on the market. Many sellers think their house is better and therefore worth more than it really is. What most sellers do not realize is that “testing the market” can backfire. When a sits on the market a long time the price usually becomes more negotiable for 2 reasons.
1. Buyer's become skittish and don't want to buy a house that nobody else wanted. Buyers are usually more skeptical to the pricing of a house that has been on the market more than 30 days. They start to wonder what's wrong with this house, why hasn't anyone else has bought it. They then want to lower the price.
2. Seller's become more open to negotiating as their homes sit on the market. A seller usually won't negotiate much if it all when they first come on the market, but this changes with time.
Homes that sit on the market for a long time are in need of a price reduction.
3. You need a good real estate agent.
Not all real estate agents are created equal and the more experience an agent has makes a world of difference in making sure you make a wise decision vs. a poor one. Everyone knows a few real estate agents and most think that all agents provide the same level of service. But that is not true.
Real Estate Agents with more experience are more than likely going to be better advisors because they usually have more knowledge. Your agent’s experience should be based on the number of transactions closed vs. years in the business. There are lots of agents who have been in the business a long time, but only do a few transactions each year.
Agents should have two main areas of expertise.
They should first, be an expert in the local real estate market. They should know local values extremely well to be able to tell you if the home you are looking to buy is a good investment. Second, agents should also be experts in the home buying process. There is a lot more to buying a home than just filling out the paperwork. Your agent will walk you through a transaction from start to finish and keep you well informed along the way. And as a buyer you don't even have to pay for their services as the seller pays their commission most of the time.
An experienced agent does every day and can best advise you on your real estate investments. A good real estate agent will know how to help you get a good deal when you are buying a new home.
If you are looking at buying a new home, then check me out. I promise you nothing but the best results. Check out what my other clients have to say about me on my testimonial page. Give me a call at 360-739-6981
Michael was born and raised in Brooklyn NY. He graduated from Brooklyn College with a degree in Mathematics. His first job out of college was as an engineer tracking satellites. His last career before....