Real Estate – Can You Really Get A Great Deal?
When it comes to real estate, what is a ‘great deal’? In a way it all comes down to meeting needs. If you think a ‘great deal’ is a home that is discounted by 20%-30% then forget it – investors and others in the industry will snap these properties up the moment they come on the market. Let’s be realistic, if a property is going cheaply then cashed up investors will seize on the opportunity for a quick profit.
That doesn’t mean you cannot get a ‘great deal’. If you find a property that suits your needs perfectly and you can negotiate $10,000 of the sales price, that could be a great deal. With current interest rates and a 30 year loan, that $10,000 discount will save you $20-25,000 in mortgage payments. That sounds like a good deal to me. Negotiate $20,000 off the sales price and it’s even better.
Of course, if the house is just ‘okay’ and you cannot negotiate much off the sales price then for your circumstances it probably isn’t a ‘great deal’. In fact, it’s probably a poor deal. Given the current market, everyone should be able to negotiate a ‘great deal’. There is an over-supply of properties around and most buyers are able to find homes that meet, or almost meet, their needs perfectly. It’s just up to their agent to negotiate a good but fair price.
If you’re looking for a ‘great deal’ when it comes to buying real estate, just remember that it is not all about price. The wrong house at a cheap price is not a good deal. You need the right house at the right price – now that’s a good deal.
Related posts:
