Miami real estate news and information

INSIDER TIPS – HOMEBUYERS “HOW TO GUIDE” – FINDING BARGAINS

 BARGAIN-HUNTING TIPS FOR HOMEBUYERS… WHAT WORKS/WHAT DOESN’T:

1)  WHAT ACTUALLY CONSTITUTES A ‘BARGAIN’ WHEN IT COMES TO REAL ESTATE?  

IS IT MEASURED BY  HOW MUCH YOU CAN GET THE SELLER TO COME DOWN FROM THEIR ASKING PRICE?   

HOW MUCH ‘LESS’ YOU CAN ACTUALLY GET THE PROPERTY FOR IS A RELATIVELY POOR INDICATOR OF VALUE.  

LIKEWISE, HOW MUCH THE ASKING PRICE  DROPS FROM IT’S ORIGINAL ‘HIGH’ IS  NOT AN ACCURATE  BAROMETER AS TO VALUE. 

MANY REALTORS (UNFORTUNATELY!) ACTIVELY SEARCH FOR HOMES THAT HAVE HAD PRICE-REDUCTIONS … AS AN INDICATION OF “VALUE”. AS FAR AS I’M CONCERNED,  PRICE REDUCTIONS OFTEN IMPLY  LITTLE MORE THAN THAT THE HOUSE WAS OVER-PRICED TO BEGIN WITH.

Miami bargains

2) SELLERS WHO ARE SMART,  BASE THEIR  PRICE ON CURRENT MARKET FACTS AND TRENDS …  COMPELLINGLY LISTING THEIR PROPERTY, BASED ON THAT, SO IT WILL  ACTUALLY SELL.  

3)   “DISTRESS SALES “, DO THEY AUTOMATICALLY  EQUATE TO  “DEALS”?  NOT NECESSARILY, AND OFTEN NOT BY A LONG STRETCH. AVOID LIMITING YOUR SEARCH  TO SHORT SALES, FORECLOSURES AND DISTRESS SALES.  BANK NEGOTIATORS ON FORECLOSED PROPERTIES AND SHORT SALES REQUIRE AN APPRAISAL ON THE PROPERTY ANYWAY… AND THEY WILL BE BOUND BY THE LENDER AS TO HOW LOW THEY CAN OR CANNOT GO, TO ACCEPT AN OFFER.

4) LOOK FOR WELL-PRICED LISTINGS.  INDIVIDUAL SELLERS OFTEN HAVE MORE LEAWAY IN THEIR NEGOTIATIONS (AS COMPARED TO  LENDERS ON FORECLOSURE/SHORT SALE  LISTINGS)… AND OFTEN REGULAR SELLERS HAVE MORE MOTIVATION TO SELL THAN A LENDER WILL. 

5) SELLERS WHO  BOUGHT THEIR PROPERTY YEARS BACK CAN AFFORD TO ‘PROPERLY PRICE” THEIR HOMES FOR SALE, BECAUSE THEY HAVE EQUITY BUILT UP… BECAUSE THEY  BOUGHT ‘RIGHT’ AND RODE THE MARKET “UP”.  SAVVY SELLERS  TEND TO PRICE THEIR HOMES BASED ON  CURRENT MARKET CONDITIONS …   AT FAIR MARKET VALUE…  WITHIN 10% OF THE PRICE THEY WILL ULTIMATELY  SELL IT FOR.

MUCH OF PRICING A HOME FOR SALE REALLY  COMES DOWN TO PRICE PER SQUARE FOOT AND SELLER MOTIVATION.

YOU BUYERS KNOW WHEN A HOUSE IS PRICED TO SELL… SELLERS MAY STILL GET LOW-BALL OFFERS , BUT SAVVY BUYERS WILL POUNCE ON DEALS, LEAVING THOSE MAKING LOW BALL OFFERS TO WISH THEY’D KNOWN BETTER… OR HAD BETTER GUIDANCE FROM THE REALTOR  REPRESENTING THEM.

IF YOU ARE LOOKING TO BUY OR SELL PROPERTY IN MIAMI, CORAL GABLES, COCONUT GROVE, PINECREST, PALMETTO BAY, HIGH PINES,MIAMI BEACH OR SOUTH MIAMI, AND NEED AN EXPERIENCED REALTOR TO ASSIST YOU, PLEASE DON’T HESITATE TO  CALL ME ANYTIME ON MY CELLULAR @ 305-793-1365 OR SEND ME A NOTE HERE.  I LOOK FORWARD TO WORKING WITH YOU, AND HELPING YOU GET THE BEST TERMS POSSIBLE.

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