It’s a buyer’s real estate market out there, so if you don’t have a home to sell you may be able to find a killer deal on a new home. But there are still some things you can do to ensure you’re getting the best deal possible.
Look for Old Sales
Houses that sit on the market for more than three months are considered stale. It’s an old adage and really, logically, shouldn’t apply when the market is so slow but it does and it can mean a big deal for you. Look for homes that have been on the market for more than 90 days, the longer the better as the sellers are probably almost willing to accept any reasonable offer. You may find owners who are holding out for a price that is too high for the market, but this is the exception, not the rule.
Find the Discounts
Do the research (or have your realtor do it) and find homes that have already been discounted at least once and for a pretty big chunk. Typically these homes are a burden on the homeowners and paying the mortgage is getting to be too much so they’re looking to make a quick and easy sale.
Having a mortgage lender firmly in place and your loan amount preapproved is a big bonus, especially for sellers that are anxious to close the deal quickly. You suddenly are a known quantity and basically a sure thing as long as you’re happy with the inspection. This not only makes you more enticing to the seller but makes the process easier on? you as you know what to expect and how much you can actually afford.