Appleton Wisconsin Mortgage & Real Estate Resources: Ready, Fire, Aim! 5 Bargain House Hunting Tips

Now is the perfect time to buy a home; there's a huge inventory of properties priced at levels not seen since 2004.  Not to mention the extension of the first time home buyers tax credit (of up to $8,000), and the NEW repeat Buyers credit (up to $6,500). 

For detailed information and answers to frequently asked questions check out this story: Hot Off The Press - Answers to Questions on the New and Expanded Tax Credit

It is important NOT to shoot from the hip and fire before you aim at your target..... get all the facts prior to entering into the market. Consult your local Real Estate Professional for specifics in your area. The burning question for many in the market for a great deal is - Can you ever really be confident you're getting a bargain?

Most homes sold within 3% of asking prices, but a good many sold for more than 10% below asking prices.  How can you get a bargain on your dream home?

Here are five tips for getting a sweet deal:

1 - Find listings on the market for 90 days or more: Smart buyers have long known that if a home doesn't sell in three months, the listing becomes stale.  The more deeply discounted homes were 83% more likely to have been listed 90 days or more.

2 - Bid low on a fixer-upper:  Bargain sales were 73% more likely to have used "fixer-upper" or similar terms in listings and ads. People who sell homes before fixing them up are usually more concerned about an easy sale than the best price.  That jives with a 2003 study by the National Association of Realtors, which found that, on average, fixer-uppers sell for 24% less than other homes.

Many discounted homes have sustained not just one or two but several price reductions: Heavily discounted homes are 28% more likely to have already been price-reduced.  56% of the biggest bargain homes, prices had been dropped at least twice before buyers made a bid. Once a seller lowers his asking price, he sends a signal to buyers that he is willing to accept further discounts in negotiations.

3 - Look for desperate flippers - Money for investors is becoming more difficult to come by, and many investors have purchased properties to flip on high interest rate and short term loans. Look for homes where the seller has been a resident for less than 5 years. Many of these people are willing to sell at a lower price.

4 - Skip remodeled properties - Newly remodeled homes still expect top dollar.

One more crucial tip!

5 - An expensive mortgage can easily wipe out any savings you achieve in price negotiations, so research scrupulously here, too.  Make sure you consult and explore your options with a local mortgage professional that will provide you with a mortgage plan specific to your needs. There are different products available to you, so be sure to ask your expert about the various options available to you.

Happy House Hunting! We are Certified Mortgage Planning Specialists and are happy to assist you with your questions and provide you with options. We are connected to the local Real Estate Market and would love to provide you a referral to a local Real Estate Professional.