Home Foreclosure 7 Ways Homebuyers Can Get A Deal Even In Today’s Tough Housing Market

7 Ways Homebuyers Can Get A Deal Even In Today’s Tough Housing Market

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The real estate market is competitive these days, but there are still deals to be found, the pros say.

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With mortgage rates near record lows – some 15-year rates are close to 2% and some 30-year rates are below 3% – buyers have swarmed with open houses and bought homes across the country: According to data from Zillow Economic Research, the median home listing is on hold (meaning the seller has accepted an offer from a buyer) after only 9 days on the market. But that doesn’t mean that there aren’t any deals to be found yet: in fact, in the fall and winter, house prices tend to drop a bit. Here are tips from real estate professionals on how to close a deal, even in today’s tough market.

Target homes that have been on the market for a week or more

In today’s competitive market, homes on average spend less than a month on the market before entering into a contract, according to data from Zillow. And the middle house will have an offer accepted in just nine days. So when a home is on the market, even if only for a few weeks, it could signal buyers that there is wiggle room in the price, experts say.

Look at the foreclosures

Data entry cases are up 34% from the previous quarter and 68% from a year ago, according to data released in October by ATTOM Data Solutions. For buyers, this can mean transactions: “Lenders who own foreclosed properties usually don’t want to keep them very long, so they’re often willing to part with them for less than another owner would,” explains Jacob Channel, Loan tree senior economic analyst.

Submit a credit or repair request

Taylor Simon, luxury real estate agent with the Aaron Kirman Group in Los Angeles says, “I don’t recommend being greedy, but on an older home, a seller usually anticipates that a credit or repair request will be made, which can often help bring down the overall price of your home. home to a place you are comfortable with. To obtain credit, the seller gives the buyer a mutually agreed amount of money at closing to subsidize the buyer’s out-of-pocket costs to cover a necessary repair.

Dive into the history of the ad

No salesperson will ever say that they are ready to take a cheap offer. “You have to be a bit more of a psychological ninja to spot the signs. Take a look at the listing history – Has the seller taken any discounts? What are the patterns of behavior with these reductions? How often ? How much? Have your agent ask all the right questions to test the listing agent and report back to you, ”says Justin Feil, real estate agent with The Feil group.

Go Beyond MLS and Zillow to Find Homes on Unexpected Sites

Some government agencies like the Ministry of Housing and Urban Development have real estate listings websites, and some people even list their homes on Facebook, Craigslist, or FSBO.com.

Don’t let perfection be the enemy of good enough

Channel says you might be lucky to find a home at a lower price if you are looking for homes that are not in perfect condition, lack some amenities, or are not in a prime location. “You might have to sacrifice things like stainless steel appliances in the kitchen or a shorter commute time, but you could end up saving quite a bit of money,” Channel explains.

And Holden Lewis, real estate and mortgage expert at Nerdwallet, adds that there are two philosophies to finding a real deal these days. “The first is to figure out what you are willing to sacrifice to get an acceptable price, and the second is to pay whatever you can afford to get the house that meets your wishes. You won’t get everything you want cheaply, and it’s best to know that before you start looking, ”says Lewis.

Call on an experienced real estate agent

If he has sold a lot of homes in the area you are looking for, the real estate agent should be able to tell you what it takes to close a deal in the area. “Have someone represent you who has experience, does a lot of business and really knows the market,” says Feil.


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