Can You Buy a Home Below Market Price?

    Can You Buy a Home Below Market Price?

    Dec 12, 2017

    Can You Buy a Home Below Market Price?

    WOODBRIDGE, VA, Dec 12, 2017—Your home is likely the most expensive purchase you'll ever make. But with fluctuating markets and mortgage rates, many potential buyers wonder: is it possible to find a home below market price?

    "There's a chance, anything's possible," says Stacy Magid, Real Estate Professional of Century 21 New Millennium, "but do not hold your breath." Magid explains that to find a real bargain that's not too good to be true, it will take a lot of determination, resilience and time.

    If you are adamant, here are some targets to pursue:

    A foreclosed property. Pay attention to foreclosures and bank-owned property auctions in your area or the area you wish to buy in. Find a real estate agent who specializes in foreclosures to help you hunt, but keep in mind these types of purchases can come with additional complications.

    A fixer-upper. A home in need of a little TLC can be a great deal--if you're handy. "If you can do a lot of work yourself, then a fixer-upper may be a good option for you," says Magid. However, if you will need to hire a fleet of contractors to give the space an entire face-lift, you may end up spending way more than you hoped.

    "Either way, before buying a home that needs work, make sure you get it well inspected so you know exactly what you're in for," cautions Magid.

    Hard-to-sell new homes in a housing development. If you're in a buyer's market, you may be able to find a new, vacant home in a development that has been sitting empty for a while, and has developers itchy to get it filled.

    Tenant-in-common partnerships. With these, you may be able to buy a partial interest in this form of title to property owned by two or more individuals because the partners often sell at a discount. "Make sure you have a property lawyer go over the paperwork and implications with you so you know what you're getting into," says Magid.

    "Bargains are easier to come by in a soft real estate market, when the economy is in a recession, and when homeowners, and builders and sponsors of condominium conversions, are desperate to move unsold units," says Magid.

    Happy hunting!

    For information on real estate, please contact Century 21 New Millennium at stacy@stacymagid.com, 17034919570, or Century 21 New Millennium.