Looking for a Home Deal? Barbara Corcoran Says You’re Doing It Wrong
Written by
Laura Bogart
Edited by
Kristen Mae
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Finding a new home at a good price can feel like searching for a diamond in the rough. You want a home that offers the space and features to support your dreams, whether that’s planting a flower garden that would make Van Gogh reach for his brushes or having an extra bedroom because, well, you never know when your family might grow. Still, despite months of searching, you just can’t seem to find the right deal.
That may be because you’re not looking in the right places, according to Barbara Corcoran. If anyone knows how to spot a good deal on housing, it’s the “Shark Tank” star and real estate mogul. She has some advice for homebuyers searching for their own hidden gem.
You’re Looking Where Everyone Else Is
A new listing has a glossy, undeniable appeal. After all, it’s literally the hot new thing on the block. You couldn’t be faulted for being drawn to it. But so is everyone else. That’s precisely why Corcoran wants you to broaden your search to properties that have been cooling on the market for a while.
Her reasoning? Sellers whose homes have had a for-sale sign in the yard for nine months or longer may be more willing to consider lower offers — perhaps out of frustration, second thoughts, or just eagerness to move. Either way, Corcoran believes these overlooked properties present a better chance of buying a home at a lower price than you would with the latest and greatest property on the street.
“I would say the most important overall tip is [to] always look where somebody else is not looking, and that’s always where you find your value,” she said in a recent interview with Yahoo Finance.
You Want a Home in Perfect Condition
It’s natural to want a home in tip-top shape, where you can set down your furniture and hang your art without having to lift a hammer. But, again, so does everyone else. If you’ve got the skills — or you know people who have the skills — to transform a fixer-upper into your personal palace, being open to homes that need a little TLC could make it a lot easier to find a better deal.
Corcoran notes that many people don’t want to take on the time, effort, or upfront cash to work on a less-than-perfect home. However, she points out that it’s easier to get a construction loan than most people realize. If you’re willing to finance the work and invest the time, you could add considerable value to your fixer-upper.
You’re Shopping in Times of Peak Competition
House-hunting in the spring and summer is undeniably easier, not to mention more pleasant, than schlepping around in the cold, wet months of fall and winter. That’s exactly why so many buyers flood the market when the weather is sunny and warm, driving up demand and, ultimately, prices.
Summertime, and the livin’ is easy … for sellers. Corcoran advises buyers to wait for the off-season to score a better deal and avoid competition. She also believes that sellers eager to start the new year in their own new home will be more open to negotiating a lower price toward the end of the year.
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