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How To Get The Best Price On The Market
With Bank Owned properties, foreclosures and short sales, new construction developer incentives are better than ever and traditional resells are fighting to be competitive. So how
do you get the best price on the market?
First of all you need a real estate professional with a good understanding of the local pricing to help you make your buying decision.
In our current market a motivated seller can offer be priced better than a foreclosure? Sometimes that motivated seller down the street will have a tremendous amount of equity they
are willing to give up that the bank does not.
It all comes down to being able to accurately analyze the market and make a logical prediction about the near future.
The best way to do this is to find out what properties have sold in the last 6 months in the neighborhoods and condo buildings you are interested in. Find out as much about these
properties as possible ( seller concessions, sales prices, closing dates, terms of the sale etc.). Then take a look at what is currently available for sale, how long they have been on the market, what
concessions are they offering etc.
Once you get all of this information you will be able to get a good idea of what the average market values are in these areas. In a slow market like we are in today you might even
want to take the average and subtract 5% to 10% as a starting place when preparing to make an offer.
In this market it is best to be patient and not fall in love with a property. Having multiple properties you are interested in can help leave you with the best price possible.
The only way to ensure getting the best price is to be aggressive with your offers and your research and patient with your negotiations.
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