You’ve decided to buy a new home and you want to know how to get the most from your investment. Who doesn’t? Let me walk you through the steps to get the best deal possible on a house. I’ll share some tips and tricks on how to maximize your investment and make the best decision for your future.

Finding A Good Deal

A house is not only a place to live, it’s also an investment. While there are good deals in every market, timing is everything. 

The question I get asked the most is when is the best time to buy. The answer is when you’re ready. There are opportunities at all times so when you are ready to take the leap and buy a home, the best deals will come in one of these three situations. 

New Listings

The first situation where you can find a great deal on a home is when it just gets listed on the MLS. There are properties coming on the market every single day, but the problem is that the great deals get snatched up fast. You have to make sure all your financing is in order and be educated about your market so that you can pull the trigger when these deals become available. 

The negative of this situation is that the great deals are probably going to have multiple offers, so know your limits and be ready to walk away.

Old Listings

A great time to make an offer is if you can catch a seller right when they’re about to make a price cut. A lot of sellers start their prices way too high, getting themselves caught with zero interest because of their poor pricing. They then find themselves in a place where they need a price reduction, and if I can catch that seller at the right time with the right client, we can make the perfect deal. 

The reason for this is that the longer a property sits on the market, the more negotiation room you have. The whole idea is to find a seller ready to make a price cut so you get the price point you want. Think about it.  If you have a property that’s been sitting on the market for 120 days versus a property that’s been sitting on the market for 120 minutes, which home do you think is easier to negotiate on?

The secret to this method is to search slightly above the purchase price in your range. You also want to pay attention to days on market. The longer a house is on the market, the more negotiating you’ll be able to do. For example, if I was representing you and you had a $350,000 cap on a home that you were looking at, I would do searches around $400,000. Not a lot of people are willing to look at houses that have been on the market over 4 weeks, so if you are patient you may get a great deal.

Off-Market Properties

Another strategy is finding off-market sellers. A lot of real estate investors find off-market properties by looking at properties that are on probate, or inherited. Often people don’t know what the next steps are to sell, so you may be able to buy something that isn’t even on the market.  You may have to write letters or knock on doors to find the property you are looking for.   

The only drawback of this strategy is timing. You never know if you are going to find that perfect home tomorrow or a year from now. So if you’re not in a rush, this strategy could work for you. 

Making A Wise Investment

I hope this gave you somes ideas on how to think outside of the box, and get a great deal on a great house. It’s super important that you take advantage of all of these different tips and tricks to get the best deal. 

If you have any additional questions for me, please let me know!  I would love to help you find the perfect house!