7 Tips To Hit Upon Property Bargains
Property hunters sometimes get trapped in deals they could have fetched cheaper. To ensure a balancing act, the market presents a property bargain every once in a while. Here is taking a look at the best tips to hunt for such bargains.
Tip #1: Timing is critical
Any property pundit will agree that the best time to buy is when the market bottoms out. However, the crux question remains- who can ever smell a trough; after all, where lies the point beyond which market won’t fall? Having said this, an observant mind can near-perfectly figure out how the market is trending and when it becomes inviting for the bargain hunters. Property bargains are usually around when there is some general bad news that does not directly affect the locality.
Tip #2: Choose reputed property agents
Each area boasts of a few reputed agents- the ones who know their area in and out. Such agents have their pulse on the market and are well acquainted with:
- Subtle changes in housing supply
- Availability of foreclosure properties
- Sellers who are just ready to sell a property (fearing a further decline in price)
Tip #3: Look for distress sales
Oftentimes, vending agents propose distress sales on behalf of the sellers. There are foreclosure sales, short sales, and a host of other situations in which a seller is willing to let go of his property for much below the market rate. Property bargains often apply to homes that have been on and off the market a few times over 3 months or longer.
Tip #4: Hunt websites and portals
The online world continues to overwhelm us. Today, a prospective buyer does not only have to rely on printed material or personal acquaintances for hunting bargain properties. Anyone who is willing to slog over the internet will get many websites and portals that update information about such properties. Yes, at times, a few such deals may seem too good to be true but then most of the times, they actually are.
Tip #5: Avoid overpriced areas
Just as there are underpriced areas, there will always be overpriced property locations. The price escalation may stem out of reduced land availability, sudden news, government initiative aiding the construction sector and so on. All this being said, overpriced lands or property deals should best be ignored because such areas continue to correct.
Tip #6: Track level of housing supply
Each area, in varying degrees, gets its share of housing supply. It need not be elaborated upon that places with higher supply often create a buyer’s market. The situation presents great possibility for barging hunting.
Tip #7: Keep an eye on future rezoning
Once in a while you will find houses proximal to industrial areas approved for residential zoning. These are the lands which are bound to witness great price escalation. Is it what you are looking for? You bet!
Right up the alley of property bargains
There are various other properties which select themselves automatically for “property bargains”. For instance, those which have easements running trough them, have poor (unalterable) floor plan or suffer from serious lack of renovation-worthiness are right up the bargain alley. I hope you find above list useful to keep in mind while you are on the lookout for your bargain property. Do you have any favourite tip you can share?