The Commonwealth Blog

Monday, April 23, 2018

How to Find a Great Real Estate Deal in a Hot Market

How to Find a Great Real Estate Deal in a Hot Market

In a hot summer real estate market, it might seem impossible to find a good deal on a home. However, with the help of a seasoned Realtor and some simple tips, it’s possible to secure a good investment when buying your home. The key is thinking like a flipper.

You won’t succeed if you’re looking for the newest, most renovated homes in the neighborhood. Being picky about your house isn’t the right tactic. Flexibility is necessary to score in a hot market, so prepare to compromise on the number of bedrooms, bathrooms, or the lot size or shape. When you think like a flipper, you can find a great deal on a property, build instant equity, and shape it into your dream home.

Here are our tips for finding that fantastic offer you can’t turn down:

Get to the Property First (or Last)

In real estate, getting there early is important. Sometimes it’s not the highest offer that gets accepted, rather the first. Be quick about making an offer when you see a property you like. Have your pre-approval from the bank ready and email alerts from your Realtor with new properties on the market.

Another approach is making offers on properties that have been on the market for a long time. If a house hasn’t sold for over 90 days, the owner might part with it for a discount, as they may make multiple mortgage payments or just be desperate to sell the property.

Search for Bank-Foreclosed Listings

When an owner stops paying his or her mortgage for an extended period, the lender will repossess the home and evict the tenants. The bank will then list the property and attempt to recoup its losses. While a foreclosure is a sad event, it can represent a great opportunity for one of the best deals in real estate. Banks want a quick deal on these properties, so you can step in and make an offer below market value.

Many foreclosed homes need some serious TLC, including repairs and renovations. The foreclosure process can take years, so you must be ready to tackle the renovations inside. Your Realtor should have the inside track to foreclosures in the area, so you can check them out.

Drive Around Your Preferred Neighborhoods

There’s nothing as simple and effective as getting out on the road and finding homes you want to purchase. Drive through the neighborhoods and streets in which you want to live and make a note of houses that look a little more run down, empty, and uncared for by their owners. One of your best avenues is approaching absentee owners. Find public records online or at City Hall, and you can locate small landlords through Craigslist listings.  You can contact the owners and make an offer even if a property isn’t on the market. With leased properties, contact the landlord and see if they are interested in selling when leases are up.

Sheer Volume

Locating a great real estate deal will not happen with your first offer. The perfect opportunity is a numbers game. You might have to make offers on a dozen homes before you get one accepted. Use all available resources to find homes, including your Realtor, For Sale by Owner websites, driving around neighborhoods, and surfing the MLS. You can filter these listings down into locations and homes you’re interested in and then make offers.

Even in a hot real estate market, you should be able to find a great deal by following these tips. Think like a flipper, consider bank-foreclosed properties, and be prepared to make offers when the moment is right. With enough properties at your disposal, you’ll discover a fantastic deal and start building equity.

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