5 Real Estate Hacks to Find the Best Deals in a Competitive Market

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With such a competitive real estate environment, discovering these properties is never easy. Real estate inventory shortage is creating bidding wars and causing homebuyers to move fast; so how can you avoid paying more than necessary on your next purchase? No matter if you are a first-time homebuyer or an experienced investor, these five real estate hacks will assist you in the market and enable you to find lucrative deals.

1. Seek help from an Experienced Real Estate Agent

In a competitive market, one of the best ways to find good deals is by working with experienced real estate agents. A great agent knows more local real estate information, has access to pocket listings you cannot find on your own and can negotiate a great deal. They will be able to locate properties that meet your requirements, in cases often before they go on the market. Additionally, a great agent will also be able to guide you how much money put down in hopes of getting your offer accepted.

2. Be Ready to Move Quickly

Homes can sell in days, sometimes even hours, especially when the real estate market is hot. In short, this means being prepared to act fast in order that you can get the most competitive deals. That means getting your money sorted, having a home loan pre-approved and ideally ready to make an offer as soon you lay eyes on the right property. On top of that, stay in constant contact with your real estate agent and make sure you are able to get out there and see properties the moment they become available. The quicker you can get into action, the more likely you will be successful in beating other potential buyers.

3. Search for “Ugly” Prospects

Sometimes the best deals come from fixer-uppers. One of the best hidden secret opportunities in real estate come with some properties that need just a little bit of love. Scout for homes that could be falling under the radar with other buyers because they need cosmetic updates or minor repairs. Sometimes these are considered ugly properties that may potentially have less competition which can help you bring the selling price down to a more favorable number. You can raise the property value whilst having instant equity in less amount of time with some renovations done to this home. This starts with a careful assessment of the costs to make any necessaries improvements you uncovered as part of your purchase offer.

4. View Off-Market, DistressedProperties

Although most buyers are looking for properties listed on the MLS (Multiple Listing Service), off-market and distressed homes can present opportunities in disguise. Off-market real estate is also referred to as pocket listings, in other words, properties are listed with a broker but not advertised on MLS and publicly. You can find these by networking with real estate agents, going to local real estate investment groups or working with services that sell off-market deals. Another avenue to consider are distressed properties such as foreclosures or short sales. The seller may part with these properties for less than market value in a distressed sale situation, but closing the transaction may require more effort and time.

5. Consider your Deal Breakers and be realistic.

Those looking to buy or rent must also be prepared to be flexible in their search criteria, particularly when it comes to certain desirable amenities. Having a list of must-haves is helpful but being too rigid will reduce your ability to adapt. You may want to look out of your preferred local, consider different types of property or increase the price bracket. In addition, if you are in need of a house that is located at one of the recent hot areas; it could be good to look around other similar places as those new hit zones have raised up relatively lower priced houses from their neighbourhoods. The more open you are the easier it is to find an amazing deal that will work for as many points on your new car needs list without giving up too much.

Conclusion

When the market is competitive, and when good deals are few and far between, you need a quick flexible strategy to get your offers accepted. Partnering with the right agent, delivering an engaging offer and thinking outside of the usual suspects will improve your odds at a mutual win-win property. But always, in a fast paced market, keep updating yourself and be prepared to learn new skills that are more relevant or practice old ones with innovative ideas. Using these hacks, should tilt things in your favor to score you the right deal and help accomplish those real estate dreams of yours.