Are there any good deals left on the MLS?

good deals left on the MLS

It’s no secret that the real estate market has been on a tear over the past few years. Prices have soared to new heights, and there seems to be no end in sight. This has led many would-be buyers to ask the question: are there any good deals left on the MLS?

The answer, surprisingly, is yes!

While there may not be as many good deals available as there were in the past, it’s still possible to find a home that meets your needs and fits into your budget.

Why do smart buyers search for leftover properties?

After the feeding frenzy when new properties hit the market there are a few unlucky houses that don’t get picked up. Sometimes these are the best deals. Often, these homes have been overlooked by other buyers due to their age, size, price, location, or condition. Where others see problems, it’s time to start looking for opportunities.

So, why do they sit?

They were overpriced, fell out of contract, were mislisted, poorly advertised, or have unseen issues.

What is the benefit of looking at these properties?

Sellers who have properties sitting on the market are more likely to negotiate than ones who listed a property 12 minutes ago and already have 15 offers coming in. Meaning you can get a great deal without fighting with every other buyer.

More power for the buyer

In the market right now everyone knows that the sellers hold the power. This isn’t true for stale listings. When other people have moved on from the property the power shifts to the buyer. When you are the only one placing an offer on a house you have more negotiating power when it comes to price and terms.

This means you don’t have to be as aggressive with your offer, so you can try to get the home at a lower price or with better terms. The key is to be patient and do your research. With some persistence, you can find a great deal on the MLS!

When is a house considered stale?

This depends on your market but the best way to figure this out is to ask your agent or look at both the average and median days on market. We find that the median DOM often gives a better picture of how fast the market is moving. For example, in Chattanooga, the Average DOM is about fourteen, but Median DOM is only three.  Here a house that has sat for about ten days can be considered stale.

If you’re looking for a good deal on the MLS, it’s important to do your research and keep an open mind. Some of the best deals can be found by browsing listings that are out of the ordinary or are selling at a lower price than you might expect. With some persistence and patience, it is possible to find a great deal. Good luck!

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