Buying a Home Under Market Value
In one of the most challenging markets for buyers, where we’re seeing:
- Multiple offers over asking price,
- Waiving appraisals,
- Waiving inspections,
I’ve got two tips for buyers right now who want to buy under market value. Now it does require patience; it’s not for every home, and I’m going to use that $300,000-600,000 price range.
Number One
If the house has been sitting on the market for more than two weeks, there’s a great window to come in there with a lower offer to end up getting the property under market value. There are a lot of homes that have been sitting on the market for more than two weeks, and I think we should definitely keep those in our back pocket.
Number Two
If the property is grossly overpriced by about 5% if you come in 10% under there’s a strong chance you’re going to be willing to make a deal. Every seller lists in a different strategy, and sometimes that agent might overprice it. Everybody ignores it, but if you’re understanding the market and partnering with someone like The Newcomer Group, there’s a strong chance we’re going to get great value. If you want to learn more, our team would love to partner with you.