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Finding a Good Deal on a New Home

While some “deals” may be too good to be true, there are ways to find a great deal on a home for sale and save thousands of dollars off the costs of buying. Talk to your real estate agent and if you are willing to put in a little more patience, time, and effort, you can work together to find both an excellent deal and place to call home.

Your Realtor will tell you that the seller is most likely willing to make a deal, or accept an offer below what others might snub their nose at. This is what they call a “motivated seller”. This means the seller is one who doesn’t just wish to sell their home... they must sell their home.

Who is this type of seller? Well, motivation could be for any number of reasons like a divorce, a retirement, they are being relocated for work, they found the perfect piece of land for sale and are planning on new construction or they have an offer in on their next home, but it is contingent upon them selling this one. That last one is a huge motivator for any seller who has located their next home purchase, can see themselves moving in... but the only hold up is selling their current home.

Stress is a big motivator. Someone who is being relocated may be dealing with searching for a new home in another state and having some of the family remain behind until their current house sells. The stress of a big move like that is a big motivator to just get the sale done and move on.

And your Realtor has been out there showing many homes for sale in New Hampshire and will know about recent price reductions and perhaps have some knowledge about sellers who are not hiding the fact they are motivated and want to sell quickly.

Other good deals on homes:

• They may send some buyers running, but there are some old houses for sale that, with a little elbow grease, can be a great deal. The home may not be updated and some things may look a bit worn, but if the seller is a long-time owner of the home, they may not have a large mortgage to pay off. This means that most of what they sell it for is profit for them, so there is more room for them to come down on the price to get the deal done. If you get a good deal, the cost of a few upgrades; paint, new carpeting and light fixtures are an inexpensive trade off to the savings in price and therefore having smaller mortgage payments. Property taxes may also be less than in new homes with the same square footage.
• Get out of town. While you may not be able to walk to the store from your new home, you might consider that rural property for sale can sometimes be less expensive than a similar property located directly in town. It is not always the case depending on the area, but your agent will be able to guide you to some rural options where the only difference is the lower price tag and the longer drive-time to work.
• Another good deal may be found in an estate sale. This usually happens when the owner had died or has moved into an assisted-living home. The person that inherits the property or takes over its legal control is usually assigned the task of selling the home. In these cases the seller may have less emotional connection to the sale of the home, which often means better reaction to price negotiation. Since it is not their home they can also be anxious to get the added tasks of upkeep and the selling process out of their hands as soon as possible. Estate sale homes may also be in need of updates and improvements, which means you can often buy them for a good price because there is some work to be done.

There are some trade-offs but if you are a buyer looking to for a great deal, your Realtor can find options that allow you to successfully buy and find a bargain at the same time.