When shopping for a new home almost every buyer does the same thing. Day one of their search they scour the entire market and look high and low for homes. Right after they are done with that they set a few showings but are cautious about setting showings for homes that have been on the market for a while in fear that there must be something wrong with the homes.
After they do that, they then only look at the newest listings to hit the market never looking back at the entire market because they have “already seen” the others. While they struggle with their search to find a good deal the days tick by. As they continue to see new homes come on the market, they make offers but get let down when every offer they make gets out bid. The truth is when searching for a great deal in real estate you are not very likely to find one with homes that have been on the market for less than 45 days.
While there is that chance that someone puts a home on for a great deal there is a higher chance that the market will dictate the final sales price. What this means is that when something comes on at a great price it usually gets multiple bids and ends up selling at the correct price if not even higher. The reason for this is when all the buyers see an underpriced home that just came on the market, they want to take a swing at getting it. This can lead to the home selling for even more money than one that came on correctly priced.
The truth is if you start looking at homes that have been on the market for longer than 45 days the seller will be more apt to work with you. These homes are the ones where the seller is no longer as confident and getting nervous their home may not sell. There are many reasons a home could be on for this long such as overpriced originally, bad marketing, bad timing, and of course the one we all fear a bad home inspection. The thing is with any of these scenarios it means the seller is now no longer in the power seat and needs you the buyer.
Say for example the bad home inspection everyone fears. In Massachusetts we are a full disclosure state where we must tell the buyer all know material defects of the home. This means if things pop up at home inspection that kill the deal the seller now must tell the buyer what was wrong. Once this happens and they lose the buyer usually one of two things happen. One the seller puts it back on the market and attempts to sell it as is which means a great deal is to be had. The other is the seller goes and fixes the items that were wrong so that they do not run into that same issue.
With so many buyers in the market for a home the best idea to getting a good deal is to shop where other buyers are not. Stop fearing the old homes and start looking at the entire market. There are lots of ways to make these homes yours and for far less money and better terms than all the others. If you are thinking you cannot look at homes that are not exactly the way you want them or in need of repairs than you need to find an agent that knows all about the different loan options available. One loan that can help you with those homes is a 203k home renovations loan. If you are looking for an expert that can help you find a deal in real estate Movementum Realty would be happy to pair you with one of our expert agents.