In the housing market, there are two great times to get substantial discounts on the price of a house. Just take a look at the listings:
- Old Listings: Houses listed for more than three months become old news in the real estate market and owners are more likely to accept a lower price offer. In fact, statistics show that at least 80% of deeply discounted homes have been on the market for 90
days or more. These listings are great opportunities for you to get a deal so–when you find one you like–bargain hard! - Expiring Listings: Similarly, house listings that are about to expire (that is, the exclusive relationship that a seller has with a real estate listing agent is about the end) often mean a seller and agent are ready to aggressively try to sell. Why? Well, the agent wants to make their commission and the seller wants to avoid the hassle of having to re-new their contract with the agent or–worse–having to find a new real estate agent entirely. As such, don’t be afraid to offer a price much lower than the house is listed for–a desperate seller might take a loss just to get rid of the property.
Most websites that list houses–such as Realtor.com, Zillow, Trulia and Redfin–specify how long the house has been on the market in the “home statistics” or “listing details” sections, and may show listing expiration dates as well.
The LOZO: The longer the home has been on the market, and the closer to expiration, the more likely you are to get a great bargain.
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A LOZO expert posted this tip. |