Adjacent neighborhood will be the next hot market
When you are in the middle of a low-inventory market, real good houses at an affordable price are few and far between.
Not long ago, some friends of mine were trying to purchase a first house in Le Plateau, a hot (and burning) housing market in the Montreal area. Every time they made an offer, they lost. They finally decided not to make an offer on hot new listings within their price range!
What they did was sort of crazy, they started to look at overpriced listings that were in the market for more than 3 months and (this is important) that just lowered the list price.
Well... They found an overpriced listing very close to the neighborhood they wanted to go to, made an offer and got the house!
Don’t forget: The house seller had just lowered the list price. My friends had no competition and were successful in buying the house.
House buying tip:
If you're having troubles finding a house to buy — or a home to buy at the right price — consider listings that are NOT drawing a lot of attention from other buyers. The very well-located listings at the best price and in the best condition are the ones that sell the fastest... for the more money. In order to find a good deal, you have to go against the pack.
Most house buyers are pulled to the most attractive listings. Buyers who can see past a designed interior may pick up a property at a bargain price. The big house buying trick is to know a property with potential when you see it.
Conclusion: Houses with good potential are always a first-class deal. Looking into areas that are adjacent to hot neighborhoods that have already experienced a significant run-up in prices is not a bad idea. These neighborhoods could be the next hot market.
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