By now, everyone has heard, and understands, the term “down market.” It sounds like a really bad thing, doesn’t it? However, with the help of your Santa Cruz real estate agent, you can take advantage of the many wonderful bargains to be had. Here are a few tips on how to do just that:
#1. Do Your Research
Right now, you have a great advantage as a buyer. Housing prices are generally lower and sellers or normally more willing to negotiate. In addition, there are tons of listings available, so you aren’t stuck with only two or three choices. This is where your Santa Cruz real estate agent comes in.
Once you know the area you’re interested in, you’ll need to know the price range in the area. Knowing what the expensive, median and low prices are can give you room to bargain. Look online, but also check with your agent. If they don’t know the area themselves, a good agent will have contacts that do.
#2. Get Organized
Organization is essential in a down market. You aren’t the only one looking for a bargain on a home, and if you find one you like but delay the buying process, you could lose a great deal. To cover for this possibility, make sure you’re prepared to buy at a moment’s notice.
Get pre-approved for a mortgage (not pre-qualified) and have someone on hand for the closing paperwork. Have a home inspector and insurance agent close by, as well as your real estate agent. The more necessary people you have lined up, the better the chance of getting the deal you’re hoping for.
#3. Use Your Agent
If someone wants to sell his or her home in a hurry, you have better bargaining power. This is the best place to take advantage of your real estate agent. You want those motivated sellers, and a good agent knows how to spot them. As well, they can find out if there’s been a price drop and if the house has been on the market for a long time.
A Santa Cruz real estate agent is a great asset in a down market. If you’re going to hire one, make sure you take advantage of their knowledge and expertise, no matter whether you’re selling or buying.
If you’re looking for a bargain on a great home, I can help. Call me at 831.662.6522 or email me at lauren@laurenspencer.com for more information.
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Posted by Lauren Spencer on
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