The Nest

NestApple's Real Estate Blog

Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.

Ways To Get The Best Deal In Your Real Estate Market

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Your Real Estate Market is one enormous battlefield between buyers. The competition is tough, thus making it more challenging to land a good opportunity. You might wonder how some buyers land on the best buy while some suffer from a losing investment. We will become your Real Estate Marketers and discuss local real estate market trends.

Well, it’s time to learn the tips and tricks to get the best deal in your local real estate market.

The market trends will vary but some strategies are consistent. Note that you’ll never want to get ripped off when you’re planning to purchase a property. Whether you’re planning on buying a home for the family, a big house, or a small place to add to your investments, it all boils down to one significant interest.

That is, to purchase one at a fair price from local real estate marketers. Pay attention to local real estate market trends and how market prices fluctuate. Buyers and sellers will equally try to obtain the better deal possible.

Therefore, it would be beneficial to know how to evaluate the price of a property to have the sweetest deal. Before signing a contract or finalizing an investment decision, check the five ways to secure a good buy amid the tight market.

Local Real Estate Market

real estate agent holding house key to his client after signing the contract, the concept for real estate, moving home or renting a property

  1. Find A Good Realtor and expert in your Local Real Estate Market.

Some buyers tend to disregard having a real estate agent, and they think hiring one is just an additional expense. However, you need to remember that having one is truly a game-changer!

Of all people you may want to refer to, realtors are the most knowledgeable and experienced in real estate. With their many years of experience, they know how to evaluate if a property is a good buy or not.

If you think that having one will stash you an immense amount of money, think again.

As long as you hire a good real estate agent as invested in finding a good buy, you’ll surely save yourself from future regrets of purchasing the wrong property.

Before committing to a particular agent be sure to interview several. Speaking to different brokers will make you appreciate the ones that stand out. Ask for their experience. Consider how they’ve dealt with difficult situations. Another good idea is to ask for referrals; reach out to other clients they have worked with to get their assessment on their performance. Legally, you are always allowed to change representative. Starting to work with a particular doesn’t mean you have to cross the finish line with them. Always consider your best interests and surround yourself with the most qualified team possible. Working with a good broker who can recommend professionals in the sector will be helpful as well.
  1. Compare Prices in your Local Real Estate Market

It would be helpful to check out the market, scan different options, and compare prices. Different search engines and specialized websites can be useful. Doing so will help you have a glimpse of what a suitable property purchase is.

Local Real Estate Market

A successful African American man and woman couple in their thirties using a laptop computer to look for property on the internet

For example, you’ve been eyeing a listing and falling in love with it. You can check different for-sale properties that are an excellent comparison to the property you’re watching.

Ask yourself the following questions:

  • Is it extensively cheaper than more extensive or more excellent properties?
  • Is it more expensive than smaller or less appealing houses?
  • For how much have similar properties sold nearby?
  • Does the property that you want have any particularities that distinguish it from its neighboors?
  1. Consider The Neighborhood Status as well. 

The neighborhood status is also one factor affecting its market value.

Take a look at the neighborhood of the listing you’re eyeing purchasing. Can you see businesses in the neighborhood that are not successful? Are there no gas stations, grocery stores, or restaurants nearby?

The answer to the questions above might determine if the location is adequate or not.

Is the market and the business sector slow? That¬† isn’t ideal if you plan to do house flipping. Do some research considering the amount of transactions done in the last ninety days. The liquidity of the market will provide insight to your resale value.

Meanwhile, you can ask the local engineering office to list possible projects developers plan to build in that area. In cases where malls or establishments are to be constructed soon, the value of that neighborhood will surely increase, and so is the property you’re eyeing.

  1. Check The House Yourself

A property tour is one of the things that buyers will have to go through before buying a house.

Attend an open house; actually go to as many as possible to get a sense of what’s available. The more properties you visit, the easier it will be to identify deal breakers. It is practically impossible to find a house that checks outs all the boxes.

Identifying true must haves and understanding what you’re willing to give up will make you a more informed purchaser.

Ensure you inspect the house thoroughly and enlist the crucial things to consult the owner about.

Here are some items to keep an eye on:

  • Are the fixtures working?
  • Is the house painted thoroughly?
  • Does it have a well-maintained garden?
  • Does the property have all water pipes in working order?
  1. Know Your Needs

Before buying a property, you’d want to ensure that the house you’re planning to buy can cater to your needs as a family. A fair price doesn’t necessarily mean a good deal, and considering your family’s needs is one of the vital things to keep in mind when deciding on a property purchase.

Consider the following:

  • Is the house’s location close to your workplace and your children’s school?
  • Will the property have enough square footage for your family’s needs?
  • Would a green area in the property improve your family’s quality of life?
  • Is the neighborhood ideal for small children and pets?
  • Are you looking for a short term property? if the answer is yes, consider the resale value.
  • Are you planning to remain in the property long term?

Conclusion

Indeed, the real estate market is tight for increasing investors nowadays. Home buyers have tough competition, you’d always want to have the best buy and give justice to the thousands of dollars you’d be spending for this investment.

Keep an eye out for updated and current real estate market reports. This way you will be well informed and better equipped to make smarter financial decisions.

Therefore, it’s best to learn how the market works before diving into action and signing that contract.

A good agent will make the process smoother and easier.



Written By: Georges Benoliel

Georges has been working in Wall Street for the last 16 years trading derivatives with hedge funds. He has been an active real estate investor for over a decade. Georges graduated from HEC Business School in Paris and holds a master in Finance from ESADE Barcelona.

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