There is a lot written about this being a buyer's market. In fact, every person you meet is looking for a "deal". And, it's true, opportunities abound. Many bloggers have been offering advice on how to get a 'deal of a lifetime'.
I write an outside outside (of Active Rain) blog about Phoenix AZ and Scottsdale AZ real estate. My blog is called Wexzilla , primarily written by me. I also have a contributing author named Jim Boyer from Morristown New Jersey.
This post is directed at the home buyer who wants to get a great deal on their next home, but is not afraid to get a little dirt under their fingernails.
So far in 2008 we are in what is called a real estate buyers market. What does that mean? The technical description is that there is more than 8 months supply of homes on the real estate markets actively for sale. To most of the home buyers and sellers it means that there are lots and lots of homes available for sale, and it is taking a really long time to sell them. In reality both descriptions are correct, and it is a lack of buyers which makes all this happen.
In a market such as this, which homes sell the easiest? The homes which sell the easiest are those which are priced right, but more than that, they are also the homes which look the best. Even in today's real estate market, homes which are in great condition will always sell for much more than homes which are not in such great condition. Many times home buyers are trying to discount homes which need work $3 for every $1 of actual improvements that are needed. This is where many of the best possible deals are.
A few years back when the real estate markets were red hot, these were the homes that the real estate ‘flippers' would look for and even pay very good price for these homes which needed updating. Today, many of these real estate ‘flippers' are not actively looking for homes which need updating, many times because they over extended themselves and many times, because the mortgage companies have gotten so strict with them on lending requirements. That leaves very little demand, little completion for these homes which many times just need lots of cosmetic work to really make them shine.
This is where you come in. If you are willing to buy a home that is not in move in condition, but rather you are willing to buy a home that needs updating, you should be looking at these so called ugly homes, which can easily be made to be wonderful updated homes which are updated in the ways and styles that you specifically want.
Go down this road and you can likely get a home at a discount, even after you have spent money on all the updates.
Via James Wexler, Scottsdale AZ Luxury Homes (Coldwell Banker):
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