Everyone loves a good deal. Especially these days when home prices are the highest they’ve been in years. If you’re thinking about buying your first house, you may be wondering how to get a good price. Right now, it’s a seller’s market and competition is fierce. In many states, buyers are paying well over the asking price. Still, getting a good deal on a house isn’t impossible. It just means you need to think outside of the box. Below, we’ve shared some strategies you can use to get a good price on a home.
Tips for Getting a Good Deal on Your First Home
Buying your first home is exciting, but the last thing you want to do is rush the process. Otherwise, you risk putting yourself in a bad situation and could end up overpaying for a home. Keep a cool, steady head and wait for the right opportunity. These strategies can help you get a good deal on your first house.
Tip #1: Look for homes that have been sitting on the market.
Many buyers begin their search by looking for a home that fits their criteria. This usually includes the number of bedrooms, bathrooms, square footage, and desired features. But one additional detail that you should include in your search is homes that have been sitting on the market for a while.
Many people are afraid of buying a home that’s been up for sale for a while because they think something is wrong with it. But this isn’t always the case. Often, the home was simply priced too high to begin with, and that’s why it didn’t sell right away. In such a case, the seller may start to become worried or anxious. They may be willing to sell for less than what they originally asked. This could be your opportunity to score a good deal.
Tip #2: Avoid buying during peak season.
For many people, it’s more convenient to move during the summer. Peak house-hunting season starts in March and many buyers end up closing in June and July. Because the demand is greater, homes are usually priced higher during the summer. So if you’re serious about getting a bargain, you may want to try looking for a home during the off-season. If you start looking in the fall or winter when there’s less demand, you’re more likely to get a better deal.
Tip #3: Find a good lender.
So, you’ve found a good house and the seller is even willing to negotiate the price! Congratulations. But what about your lender? Many lenders charge hidden fees that they tack onto closing costs. Before you commit to a certain lender, be sure to ask about their closing costs first. A reputable lender will be upfront about their fees and will make sure you know exactly what to expect, so there are no surprises when it’s time to close.
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