Want to hunt for a house like an expert? These five insider tips are great ways to look for the best house compiled by real estate agents and professional home investors.
#1. Think strategically.
In order to get the right house in a hot market you must be diligent and good at negotiating. There's always a way to gain an advantage over your closest competition. Talk to a real estate agent that specializes in purchasing homes during a competitive market. In order to get your dream home you want to pull tax records of sellers to get information to use on a personal note. This letter allows you to understand more about the property, why the seller might be moving and how to appeal to them in order to get them to accept your offer over anyone else's. Secondly, use social media to your advantage. You and your real estate agent can use social media to get the word out on the exact type of home you are looking for in order to be there first. You might be privy of a great listing before it's even hit the market.
#2. Investigate the neighborhood.
If you're looking for a home in a particular neighborhood, talk to neighbors that might be out watering their lawn, neighbors that could be having a garage sale etc. You can also find out neighbors that may want to move but have it pulled the trigger yet or find out a little bit more about the other neighbors in the area, the neighborhood in general and if they know any inside scoop on other neighbors considering selling.
#3. Use specific pricing negotiation.
You have to come up with the right pricing strategy in order to make an offer in a competitive market. Try to place an offer with an uneven number at the end rather than a '5' or a '0'. If it's a competitive market and you know that the seller will receive several offers consider only going $1000-$5000 over the asking price in a unique way. For instance: if the property is listed at $225,000 consider making an offer for $227,957. It's unique, odd and yet it might be the right offer to get the attention you're looking for.
#4. Be a great homebuyer.
Be the homebuyer that that seller wants to love. Homeowners are generally more likely to accept an offer from buyers that they like than ones that will try to underhand them or lowball them on an offer. When you view the home you might see something i that you would also like as well so mention that in your personal letter. For instance: "I see you have a lot of pictures of Paris. We love Paris and can't wait to go back." However, you want to be genuine so find a connection that you might have with the seller in order to appeal to them in a different way.
#5. Be flexible.
Keep an open mind when looking at homes. It may be hard to see the big picture with an outdated kitchen or bathroom these might be ideal places to get a bargain. Senior citizens tend to take care of their homes a little bit better so even though you might have pink Formica in the kitchen and a baby blue toilet in the bathroom doesn't necessarily mean the home is in disrepair; it simply needs a little bit of updating. Also, many homebuyers will not give these types of homes a second look so you may have the deal right there.
For more information feel free to contact me at any time. I'd love to talk with you about several of my own personal success stories, strategies and negotiation tactics that help my homebuyers get the right home in the right neighborhood.