According to the National Association of Realtors’ most recent report, housing prices are 15% higher than last year. That means the property market is still geared toward sellers in the wake of the 2020/21 U.S. property boom.
So, if you’re looking for a new home, it’s difficult to find a good deal when it comes to houses for sale right now.
There are a few ways to get around this in your search for residential properties, though. Keep reading to find out how.
Act Fast, Offer First!
At the moment, residential buildings for sale don’t stay on the market for long. A homeowner could receive several offers within days of listing their property online.
So, if you see a home you like, you need to move fast to secure the deal. One way to speed up the process is by getting a pre-approved mortgage.
Then, set up alerts on a reputable property website, so you’re notified the instant a listing comes along.
Approach Potential Sellers Directly
With prices at an all-time high already, the last thing you want is to get involved in a bidding war with other buyers.
You can avoid this by getting in touch with homeowners directly before they list their homes. How do you know if they’re considering selling their homes, though?
Take a drive around your preferred neighborhood and look out for homes that look empty. It’s easier to persuade these absent owners to part with their property.
You can discover who owns a property by looking up public records online.
Another way to get in touch with absent landlords is by amending your internet search from, ‘residential properties for sale near me’, to ‘residential properties for rent near me.’
Then get in touch with the homeowner and offer to buy their home instead of renting it.
Look at Bank-Foreclosed Properties
If you want a shot at buying residential properties at some of the cheapest prices around, consider a bank foreclosure.
Banks aren’t interested in making more for a property than the amount that’s outstanding on the mortgage.
As such, they offer cheap prices and may even reduce these further if the home is in bad condition.
Be sure to calculate the costs of repairs before you make an offer on one of these fixer-uppers. You could end up spending more than you planned.
Work With a Residential Properties Specialist
Working with a realtor is by far the easiest and least time-consuming way to find residential properties for sale.
Be sure to choose a real estate broker that matches your expectations, though.
For instance, if you’re looking for high-end properties, you can search websites like coldwellbanker.com, plurisre.com, or sothebysrealty.com. For less expensive real estate, consider searching sites like remax.com, or century21.com.
Each of these brokers has the experience and the client base to ensure you get to view houses that suit your budget and your lifestyle.
Plan Your Next Move
It’s impossible to predict when the real estate market will return to normal. So, if you’re happy in your current home, rather postpone your search for residential properties until the madness dies down.
Don’t sell your home simply because you can get a good price for it right now.
Are you interested in keeping tabs on the real estate market? Bookmark our site and check back regularly for more tips and information on related topics.