Looking for a Great Real Estate Deal in the Baltimore Area? Here's How to Find One
If you’ve been searching for a home but have been holding out to take the plunge until you find a great deal, then there’s a few things you need to know. There’s a strategy to finding a fantastic real estate deal, and following our tips below can help you find a steal of a deal in the Baltimore area!
Finding sellers who are motivated for personal reasons means they’ll be more likely to negotiate.
There are many reasons why someone selling their home might be motivated to sell their home ASAP. A few of these reasons include people who have to relocate in a certain time period, people who have already purchased a new home and need to move, or people who are trying to sell a home for a loved one who has passed away (as just a few examples).
Sellers who need to sell by a specific date.
This is similar to our first point, but sometimes sellers NEED to sell by a certain date and they’ll even include this information in the listing details. Sometimes there’s even a note in the MLS that a real estate agent could receive a bonus if they bring in a buyer by a certain date (this info isn’t available to the public), so this probably means that the sellers would be willing to make a deal.
Imperfect homes can represent a great deal.
Whether it’s a home flipper who didn’t finish their project in time or sellers who don’t have the means to renovate before selling, imperfect homes can represent tens of thousands of dollars in savings. This type of deal is especially more appealing if you have a very specific vision of what you want your home to look like or the know-how to make a remodel or home upgrade happen. Sometimes these “imperfect” homes need a thorough upgrade (like new electrical) or just new flooring and a few coats of paint. Either way, taking advantage of these situations can help you score *amazing* deals! (If a home is vacant, the seller is probably particularly motivated because they are probably losing money on keeping a property they want to get rid of.)
If a home has been on the market for too long, sellers could be especially eager.
When you’re browsing homes online, check the “Days on Market.” You should check with your real estate agent what the local average DOM is, and how many days “a long time” is (depending on the time of year, neighborhood, or price point).
A home listing with repeated price decreases.
If a home has been on the market for awhile but keeps getting relisted at a reduced price, this means the sellers are especially motivated and having a hard time selling. Now’s your time to make an offer!