So where are the best opportunities to buy great properties regardless of the market? Is there a special website? Private auctions? A good ole’ boys club that only the lucky few know about?
Well…..”YES”, and at the same time, “NO” on all counts.
The reality is that there are fantastic finds to be had all the time. And in ALL of these places, and there are dozens MORE. Yet those doors may not necessarily be open to you without knowing the secret knock.
The trick to finding them is not to make an attempt to scour these different sources every day your self. Unless you’re an industry professional with years of experience, you simply won’t hear about them fast enough, or even have the necessary expertise to recognize them….even when they’re right in front of you.
You see, no matter who is selling a home, the common desire of all sellers is to make the maximum amount of money that the market will deliver, in the shortest period of time. Nobody is ever going to advertise that you can “steal” a property. Generally speaking they’re all going to have had a thorough price analysis done by an expert and they’re going to price according to what the market is expected to deliver for a home with that set of characteristics. In other words…It is ALREADY priced to be a “great deal”. In other words, finding a great house is not necessarily about finding one in great condition and then trying to work the price down. In fact, some of the best deals start out under priced and may be a great deal even if purchased at a price over “list”. But if you don’t recognize them for what they are, your bidding strategy may be wrong and someone else will scoop it right out from under you.
So the question then becomes, how do you tell you’re looking at a fantastic buy when on the surface, a great deal can look like any other property?
The short answer, is get yourself an experienced set of eyes to help you look. If you’re shopping for your first home, or even if you’ve bought and sold a number of times in your life, the market is always changing. In fact, it changes every single time a home is sold. There’s an old saying “you can never step into the same river twice”, that perfectly applies. We’re not in the same market we were even a month ago. It moves just like the stock market. And what constitutes a “great find” is 100% dependent on what the market is doing at the exact moment you are planning to make a purchase. In other words, value is completely relative to circumstance.
For example, a home that was “over priced” at $5000 in the 1950’s may be an absolute STEAL today at $500,000 if all of the homes around it are going for $550,000. Yet that same home might not be worth half that if it was used as a meth lab, or infested with termites from the bottom up. A market expert will know how to spot these things, and can recognize the fantastic finds while someone attempting the DIY or self study approach could easily walk themselves merrily off the deep end of a money pit.
The BEAUTIFUL thing is that as a buyer, in the vast majority of cases the seller of the home you will ultimately buy is going to pay for you to have an expert working to get you the best that money can buy for the market conditions you are in. That same expert can tell you where the deals are currently hiding, set up tours, get you in touch with a great lender who knows how to find the best program for you, and handle virtually every aspect of the purchase so all you have to do is follow their lead. All without a penny up front, and the seller covering the cost on the back end.
If you’re interested in getting some extra firepower in your corner, contact us today to find out how one of our friendly and helpful purchasing experts can help you uncover the next great deal today!