Recently I’ve been getting a lot calls from buyers who are interested in seeing homes that are priced far below the market value of similar homes of the same style, size, lot, age and that are considered to be in move-in condition. The property listing sheets on these below market priced properties can describe a home that needs some work and TLC or maybe a home that needs a handyman’s touch (in today’s politically correct world it should read: a handy person’s touch) or perhaps, needs cash buyers or a rehabilitation loan. I am no longer surprised at the look of disbelief and utter disappointment exhibited by the buyers that look at these properties; I tried to warn them prior to the showing!
I can’t fault any buyer for wanting to get the best deal possible on whatever house they decide to buy.
That said, the reality of today’s real estate market is that the only superficial super bargains out there are on properties that the vast majority of buyers don’t want, can’t fix, won’t fix or can’t finance. Ergo, that’s why they are priced that way. Be cautious of words and phrases like: as is, seller will do no repairs, all inspections are the responsibility of the buyer, failed septic system, inspection of the smoke/CO2 detector(s) are the buyer’s responsibility, all inspections are for informational purposes only, etc.
Are there any bargains left in our current real estate market? The answer is yes and no.
The reality of our current market is that no one is giving anything away; and why should they? Supply and demand I driving this market. The fact is, there are more buyers than houses for them to buy.
Buyers need to be clear about their house hunting objectives and what type of financing they need to achieve their goal. There could be some deals associated with short sales and foreclosures. Consumers interested in these kind of properties need to educate themselves on the pros and cons of such a purchase and the purchase process itself.
The unusual reality of our current real estate market is that it is beneficial for both the buyer and the seller. Home prices are rising at a stable and reasonable rate which is good for someone selling their property. Interest rates are still very favorable for buyers; which is very good news for anyone who is planning to buy a home anytime soon. When you’re ready to buy or sell a home, call or email me so I can become your advocate in the buying or selling process…..Realty Ace, LLC