Almost everyone wants a bargain when they buy real estate. Most home buyers look for bargains in the wrong places. They choose that one house that is priced just right that everyone wants to buy. After the house gets multiple offers it won’t be a bargain.
The bargain is the overpriced house that has been on the market for a long time. Homeowners often believe that if they price their real estate high that they may not get the asking price but they will get more for their home.
Instead of making offers buyers avoid even looking at the overpriced house. Eventually, that house will sell and in most cases, the seller ends up accepting an offer that is less than the asking price. Sometimes that offer is significantly less than the asking price.
The bargains are the houses that have been on the market for 4 to 12 months. Buyers looking for opportunities should look for overpriced vacant houses that have been on the market for several months. There is little competition because most buyers won’t make an offer.
Right now there are about 80 homes on the market in St. Paul that have been on the market for 90 days or more that do not have an offer on them. These houses can be found in all St. Paul neighborhoods and the listed prices are between 75K and 560K.
If you would like to learn more about these opportunities you know how to contact me.