Part of Team Dimmick’s quest to create knowledgeable buyers and to prove ourselves to be industry-leading experts is to provide valuable information beyond simply emailing new inventory. We strive to get the best properties and prices for our family of clients. Today we are further breaking down Anchorage’s condo market: in particular, how to “Win” in the search for your new home using these three proven methods.
As we previously reported, current condominium stats don’t lie. Average days are market is up, prices are down, and homes are reducing their price more frequently than ever, as sellers are starting to feel the pressure. Coupled with soaring interest rates, decreased values can create a sense of urgency with sellers. Buyers can qualify for less and less as rates rise, so the pool of potential buyers shrinks with each 1/8 point increase. Here are three bulletproof strategies to capitalize on growing seller desperation.
1. Throw An Offer Out There
Use a qualified realtor to help identify homes that are overvalued and listed at too high of a price. Typically, these properties are vulnerable to lower offers. If the sellers are consulting with an informed realtor, then then most likely have been told they are listed too high. This expectation is already set, so why not put in an offer 5% below list price and see how they react. It could mean significant savings for our buyers.
2. Search for Homes by Days on Market and Frequency of Price Reductions
Any property with a “days on market” of over 60 is ripe for offers. Pair that with a multitude of price reductions and you may be looking at a seller in desperation mode. This listing is most likely overpriced and has become “stale”. Buyers wants to get a sense of demand for their purchases, they don’t want to buy a home that no one else likes. In that same vain, multiple price reductions can be a fantastic indicator of a seller’s need to get rid of the property. If they have reduced 4 times in 4 weeks, they need this property sold quickly!
3. Find Out What the Stats are Trying to Tell You
This is where identifying and then working alongside a talented and knowledgable Real Estate Professional can be so beneficial. Knowing inventory and the market is what makes us professionals. Are you looking for upcoming neighborhoods, future development, a quick flip opportunity, or homes priced below market value? At Team Dimmick we want to create clients for life not just customers. As your representative there is no end to the amount of research we are willing to perform to identify a great purchase for you. We have a multitude of tools at our disposal that allow us great insight into which properties are solid investments at great prices.
If you have any further questions or would like the opportunity to speak with an expert on Team Dimmick in order to find your own excellent investment, please call any of our ambitious licensed agents at 865-6524.