When you're buying real estate, choosing the right location is often touted as the most important thing. However, a location that is right for you is usually right for many other buyers as well. This is what can make a real estate market very competitive.
Buying lots for sale in a competitive market has many upsides and it can be quite profitable in the long run. However, the competitive nature of the market also makes it harder to find land at a fair price. How can you find land for sale in this environment?
Find a Local Listing Agent
Unless you're a local, there's little chance that you'll come in from out of town and find a hidden gem that no one else has heard about. In a very competitive area, you can be sure that the local listing agents will have gone through the area and will already know who is willing to sell and who isn't.
You can take advantage of the information the real estate agents already have to locate land that is available. They can even point you in the direction of potential sellers who may just sell to the right buyer.
Many real estate deals today are financed by banks. For buyers, the upside is that they can acquire land without having to come up with the full amount. However, there aren't many benefits to those selling. In fact, this can complicate the sale agreement in case the mortgage fails to get approved at the last minute. This isn't an unusual occurrence and this is what makes cash offers more attractive. There is little chance that the deal will fall through and this can entice many sellers.
Start with Your Best Offer
In a competitive market, you won't get many chances to go back and forth with the seller. If the seller receives multiple offers, anything that's below a certain threshold will be trashed without a second thought. Once the buyer has decided to proceed with offers that are closer to what they want, there will be no way back for you. In a competitive market, avoid lowball offers as there's little room to negotiate.
Remember that it's not Always About Money
Submitting the highest offer is enough in most cases, but in some circumstances, it may not be enough. Take time to understand the seller and figure out what they want. Try to make a connection with them as they may be more interested in dealing with people they can trust.Share
29 May 2019
Welcome to my website. I'm Albert Frost. Besides my dad, one of my biggest role models was my uncle Rick. He was a construction contractor who would let me come on his construction sites and also taught me everything he knew about building homes, including how to install hardwood flooring and add insulation. I always wanted to grow up to build houses like my uncle. I used to help my uncle with a lot of the grunt work needed to make a home a reality. But then I hurt my back playing football. Until I heal completely, I'm going to devote as much of my time as possible to teaching others about various construction topics I'm interested in.