Yes, but as the spring buying market ramps up it'll take more than just a few open houses to get what you want. The fact is that as the median and average sales prices keep getting closer to $2 million, buyers are finding it harder and harder to get a "deal". The biggest issue for buyers is finding a nice home and not overpaying. Let's face it, when a nice house comes on the market and has 6-10 offers, you're going to pay more just to get in the door. That's how competitive this market is. How much more you pay depends on the house.
First - WHERE NOT TO LOOK FOR A DEAL!!
- Short sales
- Foreclosures (have an notice of default already)
- Bank owned properties
But Bryan, those are all great deals! No, they're not. Every property that fits one of those categories that has been on the market has sat for a LONG time. You want to know why? They have all been overpriced, in bad locations, or had other issues. If it sits on the market a long time, there's a reason.
Second - Have a local agent
An agent to works in or sells homes in Los Altos will know the market. They'll know about market activity, buyer profiles (cash, financing - your competition), and properties coming soon. They'll also know about...
Third - Off-MLS or off market properties
the best way to get a deal in Los Altos (or Los Altos Hills) is to find a home that isn't on the MLS. You'll typically have much less competition and thus avoid overpaying in most situations. A well-connected agent will have at least 1 off-market property to show you, even if it's not an exact match.
Fourth - Old listings and everything else
Sellers from many years ago may be interested in selling now, depending on the market. I also doing mailings to neighborhoods to find possible sellers who haven't done anything with an agent. Again, find the home and make the deal. You'll avoid the competition going this route. The key is not going in with 10 other buyers who drive the price up.
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Bryan Robertson, Broker Associate | T: 650.799.9951 | Email: bryan@serenogroup.com | Website: http://www.BryanRobertsonHomes.com |CA License: 01191946 | Sereno Group - Los Altos branch | 369 S. San Antonio Road | Los Altos, CA 94022
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Bryan,
All excellent points but I really like your first point of Where not to find a deal on a home.
Bryan - Great suggestions on how to find a great deal in your area. I really liked how you explained why a great deal isn't a great deal.