If you’re a coupon saver, wholesale shopper, wait-for-it-to-go-on-sale-er, it only makes sense that you want the best deals possible when buying a house. But truly, who doesn’t want to save money on one of the biggest expenses of their life?
The best way to find real estate deals isn’t limited to buying with cash or knowing where the next “big” area will be. There are a few other ways that you could potentially score some substantial savings.
Find a motivated seller.
Motivated sellers are just what they sound like: homeowners who are really determined to sell their house ASAP. This might be the case if:
- The seller doesn’t have the means to or interest in fixing up their house.
- The seller’s house has been on the market forever.
- The seller has another house and/or mortgage to pay for.
- The seller isn’t living in their house’s area.
Because of these circumstances, motivated sellers are likely to reduce the price or meet the buyer’s terms. Compared to your average competitive market where the seller holds all the cards, finding a motivated seller is a great way to get a deal.
Buy out of season.
For a long time there existed a stigma about buying (or listing) a house in the fall or winter. While the season doesn’t automatically determine a buyer’s or seller’s success, there are still plenty of people who think it’s best to wait until spring or summer to look or list.
Looking “out of season” means you might face less competition and that the buyers are more desperate to leave their house. Moving in the winter is far from ideal but hey — who wouldn’t want to save thousands of dollars just for a few hours of moving in the cold?
Work with a real estate agent.
Real estate agents will likely know how long a property has sat on the market — and they’ll know how long is “too long” in your area. This insight could point you in the direction of a motivated seller who’s desperate to sell.
Look above your price range.
When every buyer goes for the same house price range, the competition drives up the price. Consider raising your ideal price by 15% when looking for a house. You’ll likely come across houses that similar buyers to you have missed. Plus, you could even put in an offer that’s within your existing ideal price range and end up paying just that!
Consider houses with a death or divorce situation.
Is it morbid? Oh yeah. Is it a good strategy? Absolutely. The general public is superstitious and tends to shy away from houses with bad juju.
In some areas, it’s required to disclose deaths and that usually hurts the value of the house. If you’re able to make an offer before the house is listed, you might still snag a great deal and the family or estate of the deceased could get more than what they might through putting it on the market.
In situations of divorce, people tend to want to sell fast and move on. This information is not something you’ll find on a real estate database, so your best chance for getting a deal is probably knowing of someone in your personal network. Of course, if you know someone getting divorced, have some tact and respect. The last thing you want is to make it seem like you’re just here to capitalize on their trauma.
Buy through a time-limited event.
Most buyers don’t think to look at time-limited events for some potential house deals. But the fact is that all TLE sellers are motivated sellers! RealtyHive has countless listings that you can look through and make a pre-event offer on. Look through our listings today — you just might score the deal of a lifetime.