People are always looking to find great deals in real estate. Who wouldn’t? We all love hearing those stories about the people who bought their home or apartment back in 1982, and now it’s worth quadruple the price they paid for it. For many people, it’s going to be their nest egg, their retirement fund, their ultimate “security blanket.” If you’re looking to find a great deal in real estate, read on for some smart tips.
If you’ve been reading the newspaper or watching the nightly news, then you know that the real estate market is in free fall right now. Prices everywhere are falling as a result of the speculative “bubble” bursting, and this makes it a true buyer’s market. Nonetheless, there are things you can do to find bargains that could save – and make – even more money.
- Run an ad in the newspaper notifying people that you’re looking. You’ll be amazed by the response you get.
- Scour the legal notices section of your local newspaper. You’ll be able to read all about homes in foreclosure – and banks will often sell their inventory of foreclosed homes at a big discount.
- Drive around. Don’t laugh, but this is a great way to get a sense of what’s going on in a local real estate market. You’ll also see which homes are in need of some help (meaning they’ll sell cheaper) and which homes have been marked down on one or more occasions.
- Talk to real estate professionals, like agents and mortgage brokers. They’ve got their ear to the ground day in and day out.
- Keep track of business deals in the area you’re interested in. For example, a new road or transportation hub, such as an airport, can often trigger a real estate boom in its surrounding area. A new airport, for example, can make valuable real estate more accessible.