Buying a home in San Diego or anywhere is very often an emotional process especially if it is going to be your primary residence. That is why it is important for you to know what to look for in a home to ensure you are getting the best deal…. not necessary the lowest-price deal! Below is a list of help you get started on your search:
DETERMINE TRUE MARKET SIZE: There may be plenty of homes in a paricular area where you are house hunting, but that does not mean that they will all be suitable for your needs. Identifying how many homes actually could be right for you will help to determine your negotiating power.
Short sales and REO’s (real estate owned by the bank) have their own issues. If you must sell a home first, looking at short sales or REO’s would not be the best deal. Since your offer would be contingent upon selling your home, the banks usually will not consider your offer.
LOOK FOR VACANT PROPERTIES: Finding properties that are vacant is a good opportunity to get a deal. Very often sellers might have moved out because they purchased another home and they do not want to now have to carry two mortgages. The longer vacant homes sit on the market, often the more eager and motivated the sellers become to begin negotiating with buyer.
However, a caveat regarding the banks with short sales and REO’s… they are extremely busy and are unable to get to all the offers they have on the large investory of homes in a timely manner. So, if a few homes sit vacant for a while, they are not in a hurry to lower the prices.
LOOK FOR THE DIAMOND IN THE ROUGH: Have you ever been shown a house and your first thought was “This is awful. Who would ever live here?” The home sells; the new owner makes a few changes and now it is charming and pleasant. A lot of buyers will pass up a good buy on a home because they can not see its potential. As a buyer, you need to consider the location, the lot size and orientation, and the floor plan of the home.
BE WILLING TO VISIT DIFFICULT-TO-SHOW PROPERTIES: Somehouses that are considered good buys on the market are the ones that frequently are not easy to show. Whether it is because a tenant is living there and will not cooperate, the seller has refused to allow a lockbox to be put on the home or the showing hours are extremely limited…. regardless of the reason, this is a home you should see. Why? Because many agents and buyers will not bother with the home. If you have a home for sale with minimal showings, then there are likely very few, if any, offers. It is the perfect opportunity to bait a seller by putting in an offer.
SHY AWAY FROM PRICE-PER-SQUARE-FOOT METHOD: This method only determines the square footage of a home, but it leaves out upgrades such as recently-remodeled kitchens or bathrooms. It also does not take into account homes that have views, in bad condition, or are located on very busy streets. It gives you an idea of what you are paying per square foot, but doesn’t accurately reflect market value.
It is not just the price… it is really how close does this particular home comes to providing you the satisfaction that you would get by virtue of the fact that it meets more of your needs. If you can keep your emotions in check, practice patience and follow these tips, you will be in a better position to get the best deal on your next home.
