Here’s what we look for to get a great deal.
You’ve probably noticed a change in the market these past few months. As interest rates have skyrocketed from their bottom, it’s made the average monthly mortgage payment increase 30-40%. On top of high prices, that has dropped the number of buyers’ affordability rate by quite a bit. Sellers are starting to realize and you’re also seeing prices in some markets start to come down. So how are we finding deals for our clients? What do we look for?
@natale_realtors Here’s what we look for to get a great deal. Read more ⬇️⬇️ You’ve probably noticed a change in the market these past few months. As interest rates have skyrocketed from their bottom, it’s made the average monthly mortgage payment increase 30-40%. On top of high prices, that has dropped the number of buyers' affordability rate by quite a bit. Sellers are starting to realize and you’re also seeing prices in some markets start to come down. So how are we finding deals for our clients? What do we look for? It starts with the type of listing. If a home is completely move-in ready, priced right, and has a great location, it’s still selling with multiple offers, typically above asking price. The homes we look for are ones that need a little bit of a refresh, but maybe not a full gut renovation (unless the price is really right). Buyers are shying away from these again, as they did from 2015-2020. That makes them the best deal. A little paint, a little flooring, maybe a bathroom and kitchen to do in a few years, this is the sweet spot to negotiate yourself a great deal again. Past fixer-uppers, we look for estate sales. These are sales where the owner has either passed away or is in a nursing home and the estate is selling the home. These sellers are motivated to get the home sold quickly since there isn’t typically a financial benefit on waiting. We also notice they are more willing to care about the type of buyer, especially if the owner had lived there a long time. If you're a young family, this could be a huge plus and get you a great deal. Lastly, we look at homes that came back on the market. Once you identify why the deal fell through, it could be a great deal since the seller is most likely motivated to get a deal together again, especially if they started to move out, even if the price isn’t as good as their last offer. If you need help navigating the current market in your neighborhood, don’t hesitate to contact us. We’re here to help.
It starts with the type of listing. If a home is completely move-in ready, priced right, and has a great location, it’s still selling with multiple offers, typically above asking price. The homes we look for are ones that need a little bit of a refresh, but maybe not a full gut renovation (unless the price is really right). Buyers are shying away from these again, as they did from 2015-2020. That makes them the best deal. A little paint, a little flooring, maybe a bathroom and kitchen to do in a few years, this is the sweet spot to negotiate yourself a great deal again.
Past fixer-uppers, we look for estate sales. These are sales where the owner has either passed away or is in a nursing home and the estate is selling the home. These sellers are motivated to get the home sold quickly since there isn’t typically a financial benefit on waiting. We also notice they are more willing to care about the type of buyer, especially if the owner had lived there a long time. If you’re a young family, this could be a huge plus and get you a great deal.
Lastly, we look at homes that came back on the market. Once you identify why the deal fell through, it could be a great deal since the seller is most likely motivated to get a deal together again, especially if they started to move out, even if the price isn’t as good as their last offer.
If you need help navigating the current market in your neighborhood, don’t hesitate to contact us. We’re here to help.