Your real estate agent is an excellent resource in helping you find great deals in a hot housing market. Here are some considerations that you should be aware of when looking for that bargain.
DON'T EXPECT SOMETHING FOR NOTHING. In a hot market, there is a lot of competition for available homes; don't pass up a good deal hoping to find a better one.
ADD VALUE TO THE HOME. Consider improvements that can be made to a home so it blends in with the style of other homes in the area in order to get a good return if you choose to sell.
SET LIMITS. Budget the amount of money you can comfortably spend on the home along with your other debts.
GET PRE-APPROVED.
Motivated sellers needing to sell due to relocation, divorce or foreclosure
may offer the house below the market value. Although real estate agents normally
don't disclose the sellers motive for selling, you can often negotiate a better
deal if the seller really needs to sell.
POSSIBILITIES OF A FIXER-UPPER. A bit of imagination and a good contractor can help make a not so nice house into a showplace. Be sure to get a thorough inspection first to make certain there are no foundation or structural problems. Outdated wiring and plumbing may need updating which can be expensive. If elbow grease is all that's needed, you may have just found bargain of your dreams.
If a home has been on the market for longer than one month, the seller sometimes gets anxious and will lower the price. Be sure to think of the resale value when purchasing your home. If the home is a deal but located on a busy street, in a commercial area or near a noisy school, you may have a difficult time selling it in the future.
