By February 22, 2018

The Art of (Getting) the Deal

By Chris Prickett—It’s human nature to want the best deal. Whether its cars or stocks or houses, that means selling for top dollar, or buying at a rock-bottom price. For someone who is both buying and selling a home, the goal is often to sell high and buy low.

Time for a reality check, folks.

While it is possible to sell a home for a premium in a hot market (or a hot location), and buy at a significant discount, there are often strings attached. Lots of out-of-town buyers want to see short sales or foreclosures. “Great,” I tell them. “There are two, and those two are selling at prices similar to conventional sales.” The days of getting “distressed” properties are mostly behind us, and I don’t see them coming back in the near future.

Fixer-upper? If you’re selling one, don’t expect to get top dollar. If you’re a buyer, there are deals, but you’ll compete with savvy flippers who often come with cash. If a home is priced way below the comparables, and the flippers thumb their noses at it, beware. It’s quite possibly a cash-burning fireplace.

If you seek a new build, you won’t find any smokin’ deals unless a home is location-challenged. Being near I-17 is one thing. Getting traffic reports by looking out your bedroom window is another.

The market is healthy, locally and in most of the country. While a home in these parts may look like a steal to the California buyer, compared to other regions we’re a little pricey. The best way to get a fair, if not great, bargain is to do your homework, work with seasoned professionals (agents, lenders, inspectors, etc.) and keep your expectations real.

And that’s the best (and only) deal I can offer.

This article was first published on North Phoenix News.

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