An educated buyer is an empowered buyer! The thing with real estate, is you never know when opportunity will strike. Being prepared both with the market knowledge and financially having your ducks in a row are two ways a buyer can be ready for the opportunity! Here are 3 tips buyers can utilize to find a deal:
- Learn the market! Go out and see everything at your price point. There is a huge value to having seen recent sales in person, than reviewing sale comparables just online.
- Avoid the competition and pursue properties sitting on the market! Far too often, great properties sit on the market because they are either poorly marketed, over-priced, or both. They are likely to later sell at a drastic discount as a result of being stigmatized from days on the market. Viewing homes with high days on the market gives the buyer stronger negotiation power against the seller, and is an opportunity to bid non-compete and lowball!
- Do the work! Why pay a premium for someone else's renovation? The great thing about real estate is that it is tangible. A buyer can walk in, and see exactly how they can add value. The buyer can review recent sales of similar properties that are fully renovated and estimate the resale value of any potential property that needs renovation. This by far is the best way to make money in real estate.
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