The last couple of years were very hard for the real estate market. The economic crisis caused a lot of homes to be sold at a lower price. But the decline in home prices doesn’t mean that every house selling below asking price is a good deal. To help you get the best deals on bargain homes, follow these smart tips:
1. Research and find homes online. If you see a number of homes for sale that appeals to you, set up an email alert for each one to get notifications like price changes and listing modifications. Some home sellers change their asking price after posting their ad on the internet due to the soft market.
2. You can buy a bargain house if you let the house cross 90 days on the market. The seller’s asking price decreases if the house is waiting too long on the market. Contact the agent to find out how many days the house has been on the market.
3. You might pick up a bargain if you low bid a house that suffers from cosmetic repairs. Find a fixer-upper that doesn’t need a significant amount of work for repairs.
4. Real estate investors earn money by buying a house, fixing them up and selling them at a higher price. The current state of the housing market is making these investors desperate to sell the house because the loan is straining their budget but this is a bargain opportunity that home buyers should take advantage of.
5. Avoid negotiating with banks. If you think that the huge number of foreclosed homes will make banks negotiate at a lower price, then you’re wrong. Banks are still tightfisted and hard to convince.