It’s a question I am asked often – how do you identify a good deal? Well it’s not as elusive a concept as one might think and honestly most of the advice I have about it… Well, you’ll have to watch to the end to find out😉
In today’s market, I hear about how the prices are going up, people are super worried about the competition because, let’s face it, there’s always a stronger buyer than you out there – all we can hope is that we make a better offer and that you have a better agent than theirs. But the thing is this, I come across great deals, still – even with the way things are. Inventory isn’t low there’s just more buyers out there. And right now, many buyers are backing off because interest rates are higher, so it’s actually not a bad time to get out there and look for those deals.
On Market, on the MLS and in the FSBO world, I’m surprised to see some great deals in the condo world, some already have tenants in them if you’re looking for a plug and play income property. I just saw a pair of condos for sale in south Nashville for 95k each, totaling $190,000 for the pair. Running the numbers you’d gross $500 a month even if you finance 80% of the deal. I’m also seeing many price corrections on listings, especially in places like Madison because, let’s face it, some listing agents (and sellers, but I’m going to blame the agents) are realizing they can’t just price the houses as if they’re going to get 20 offers no matter what it looks like. That’s just not happening right now.
Off Market, I’m also seeing some interesting inventory. I’m seeing short term rental properties that are selling with the furniture. I’m seeing land lots at reasonable prices – not quite the 30% mark up we’ve seen on market lately. Obviously Off Market you’re going to see more inventory that is worth looking into for the investment than a plug and play home to buy for the average buyer. But yeah, good properties for flips, rentals, it’s all out there right now.
The thing about a good deal is you can’t hesitate. Most of the time when I see a good deal with a client that is looking for their new residence – the home they want to live in, we’re looking for the bucket list house. You know the one… The one that popped up at midnight on a Tuesday, “coming soon” and the Seller needs time to lease back after the sale and you’re like, “they can stay as long as they want if this house looks as good as the photos!” And it does. We don’t care how over or under priced that house is, it’s the one, am I right? But then, there are questions that need to be answered. Maybe the deadline on offers is tonight, because they already have 5 offers in hand before the house can even be seen. What do you do? Don’t hesitate. If it feels like an itch, scratch it, put that offer in, make it contingent on the home inspection, pass/fail is fine. You can still back out if you don’t like it.
If you liked the video, hit that thumbs up, subscribe to see more like it. Tell me what you think in the comments below. And if you want to see what’s on the market, go to my website – I’ve got a search feature on there that’s free. You can set up your own alerts and everything right from there. That website is tnhomeagent.com. As in, if your in Tennessee looking for a home, I’m your agent! I certainly hope you will come back and watch more. Thanks!