Buying a home or commercial building can be rather difficult right now. Fortunately, real estate expert Larry Starr has some tips.
Looking to buy a home or commercial property? For better or worse, it’s a seller’s market in many places. If you’re based in or relocating to a hot market, you may need to adjust your tactics. Larry Starr, Sarasota real estate expert is going to offer some tips for buying homes in hot markets.
“Given how hot real estate markets are, you’re going to have to be decisive,” Larry Starr of Sarasota says. “If you dally, that home or office you’re looking at could be off the market before you even put in an offer.”
If you watch real estate remodeling shows, you’ll learn that quick remodeling jobs and proper presentation can sometimes increase a property’s value by quite a bit. As a buyer, you should keep that in mind. If a home or office has a dated paint style or bad listing photos, you might be able to score a better deal and can spruce it up on the cheap.
Minor cosmetic issues could, if anything, act in your favor. If you have to compete with fewer potential buyers, you may end up securing a better price.
“Simple cosmetic work can improve the value of a property,” Larry Starr notes. “In this market, as a buyer, you should ask yourself if a new coat of paint or whatever could improve the property. If so, you might find a hidden gem.”
Even if you find a hidden gem, however, you might face some stiff competition when putting in bids. Fortunately, there are some steps you can take to increase your chances of success.
Larry Starr Talks About Making Your Bids More Competitive
First, if you’re shopping for a home or commercial, you’ll want to work with a great real estate agent. In this hot market, having the right agent can go a long way. He or she will likely have a lot of connections. And the right expert advice can go a long way.
“You definitely want to find an agent who knows your market and who you can trust,” Larry Starr says. “Agents with a lot of experience or who are particularly insightful can go a long way right now. As a buyer, there are steps you can take as well.”
You may want to drop appraisal contingencies. These contingencies allow you to walk away if a property is appraised for less than its selling price. Unfortunately, in this market, bids with appraisal contingencies may be dead on arrival.
Large down payments may also demonstrate financial security and your commitment. If you can put money down now, you may want to do so.
“When you or your agent is talking with a seller, see if you can offer flexibility that’s especially useful,” Larry Starr of Sarasota says. “You might offer them the chance to use the office for a few more months, for example.”
These days, when buying a property, you’ll often have to be decisive and flexible. Keep that in mind and good luck property hunting!