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It’s human nature to want the best deal. Whether its cars or stocks or houses, that means selling for top dollar, or buying at a rock-bottom price. For someone who is both buying and selling a home, the goal is often to sell high and buy low.
Time for a reality check, folks.
While it is possible to sell a home for a premium in a hot market (or a hot location), and buy at a significant discount, there are often strings attached. Lots of out-of-town buyers want to see short sales or foreclosures. “Great,” I tell them. “There are two, and those two are selling at prices similar to conventional sales.” The days of getting “distressed” properties are mostly behind us, and I don’t see them coming back in the near future.
Fixer-upper? If you’re selling one, don’t expect to get top dollar. If you’re a buyer, there are deals, but you’ll compete with savvy flippers who often come with cash. If a home is priced way below the comparables, and the flippers thumb their noses at it, beware. It’s quite possibly a cash-burning fireplace.
If you seek a new build, you won’t find any smokin’ deals unless a home is location-challenged. Being near I-17 is one thing. Getting traffic reports by looking out your bedroom window is another.
The market is healthy, locally and in most of the country. While a home in these parts may look like a steal to the California buyer, compared to other regions we’re a little pricey. The best way to get a fair, if not great, bargain is to do your homework, work with seasoned professionals (agents, lenders, inspectors, etc.) and keep your expectations real.
And that’s the best (and only) deal I can offer.