To be a contender in the current housing market, you need a good strategy and a game plan. The home prices are falling and you can learn to play hardball in this buyer’s market to find a fabulous deal while the market is soft.
Tips from the Playbook:
Tip 1: Learn to see the signs
Look for “price-reduced“ signs and price-dropping patterns, keeping in mind that if drops once, it’ll most likely will drop again.
Tip 2: Look for the “Fixer-Upper"
Homeowners looking to sell “fixer uppers“ are more willing to lower the asking price because their primary goal is to unload the property rather than making a huge profit since these properties aren’t selling well right now. Those who have invested money in remodels are emotionally tied and will be less willing to negotiate.
Tip 3: Look for homes owned less than 3 years
You can easily negotiate with those looking to get out without owing the bank or the builders who have completed construction just in time for this unfortunate market/economy.
Tip 4: Look for houses that have been on the market over 90 days.
Work with an agent who has access to up-to-date information on how long a property has been on the market. You’re at a good negotiating position with a seller whose house has been up for sale for a great length of time.
Below is a list of properties in Playa Vista that have been on the market over 90-days with price reductions.
Now get out there and play ball!