Tips on finding a good deal---that REALLY work!!!

In a buyer's market, finding a good deal is what every buyer entering the market demands. With a glut of foreclosures entering the market monthly (roughly 11,000 homes monthly), lingering short sales, and stale re-sales, it actually makes it more difficult to find one because you have so many choices. If you are unable to filter through properties you can end up wasting precious time on homes that aren't worth your energy and missing out on real deals. So after reading my last blog on how to spot a good deal, now you just have to know how to FIND one.

NARROW YOUR SEARCH

You need to have a target in mind as broad as a zip code and as specific as a subdivision. This will enable you to keep a sharp eye on new listings as they enter the market. If your search is too broad, you will likely miss out on deals because you're busy looking in other areas. People wonder how a house can be on the market only a few days and already be under contract; that usually happens when buyers have been scouting an area and notice a sign go in the yard and they inquire (and even make offers) immediately. Some agents will post a sign prior to a home being listed on the MLS.

LOOK OFF THE BEATEN PATH

The very popular communities usually have the lowest possibility of finding a 'steal' because EVERYONE is looking there. These sellers know this so they will either have higher entry level prices or under price a home to create a bidding war (yes, even in a buyers market multiple offer situations are all too common). Some surrounding areas with less traffic will usually yield better prices, less competition, and still have the same location benefits/perks.

FIND A GOOD AGENT

Locating a good agent can be the difference in locating and successfully purchasing a phenomenal deal. Some agents specialize in certain neighborhoods, areas, & even school districts so not only do they know all of the current inventory, but they also may have insight to homes entering the market. Even if the agent doesn't specialize in a certain area, with the right amount of internet savvy (imperative for today's market) they can set up custom searches that locate these hot properties the second they enter the market.

Using these tips will definitely land you a good deal in any market. But remember this, with values so depressed now, whatever you purchase is still a good deal in the long term as values will eventually stabilize and increase. Maybe not to the 2007 values, but at least 30% than where we currently stand in this current market.