I Want A Bargain!

Today's blog actually comes from a situation I'm in right now with a new client of mine and I'm sure plenty more clients to come. Although home prices are rising here in Northern VA everyone still wants a great deal on the home they purchase. I do agree that getting a great deal is important but one thing I feel every buyer should know is that the lower your price range the more competition and the fewer homes to choose from. With prices raising you don't see many homes priced below $150,000 like you were seeing a year ago.

When homes are priced $150,000 and below in today's market you have to know that investors will be putting CASH offers on these homes. So what does this mean for you? This means that most sellers are willing to accept a CASH offer over a loan. Being a full time active Realtor I have seen investors put above full price cash offers on homes and those offers are accepted over an offer that's put in at the same price but is a loan. I know to some buyers this seems unfair but this is the way it is and I'm just telling you the truth. Most sellers prefer a CASH offer over a loan. With a loan comes home inspections, repairs, seller subsidy and the list goes on. With a cash offer from an investor, most of them don't want repairs, seller subsidy or a home inspections. They just want to purchase the home and fix it up their self and put it back on the market for rent or sell, which makes the transaction more simple and stress free for the seller. Why is that more simple and stress for the seller? The reason is because the seller does not have to worry about the home not passing the home inspection and the buyer asking the seller to make repairs which cost the seller money. They also don't have to worry about the buyer asking for seller subsidy, which in reality brings down the price the buyer offered in the first place.

I'm working with someone right now who wants to purchase a home for $150,000 and below and what I'm seeing may shock you! Homes that have only been on the market for 1 day already have accepted offers on them and if the home doesn't have an accepted offer it has 6 or more offers. With 6 plus offers that puts the price of a home that's listed at $150,000 well above that price because everyone's competing for the same thing.

So how do you get a home for a great deal without going over your price range while competing against investors? I'll tell you exactly how in the blog that I post tomorrow! So stay tuned and come back tomorrow to find out how to get a great deal on a home with sooo much competition out there.

Go to http://www.shanellrobinson.lnf.com/  to view my office listings, search for homes and MUCH more!

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